Cycle & Carriage Bintang will sell its entire 49% stake in Mercedes-Benz Malaysia back to Daimler AG

Cycle & Carriage Bintang will sell its entire 49% stake in Mercedes-Benz Malaysia back to Daimler AG

In an official statement, Cycle & Carriage Bintang (CCB) has announced that it will sell its entire 49% stake in Mercedes-Benz Malaysia (MBM) to Daimler AG. The move comes following Daimler’s decision to exercise its call option over CCB’s 66,003,000 shares in MBM for a consideration of RM66,003,000.

The share disposal process will be carried out 12 months from the exercise date of November 30, 2018. Once completed, CCB will no longer be entitled to the annual divided of approximately RM11.2 million from MBM, and cease to hold shares in MBM.

However, CCB stated that the deal will not impact any of its 13 Mercedes-Benz dealerships nationwide nor its operations. The company’s history with the Mercedes-Benz brand stretches back over 50 years, and acquired its 49% stake in MBM back in 2003.

“Cycle & Carriage Bintang would like to assure all our customers that the recent decision by Daimler AG to exercise their call option on the company’s holding in Mercedes-Benz Malaysia will not impact our commitment or ability to continue delivering exceptional experiences to our customers across our nationwide dealerships in Malaysia,” said Willfrid Foo, CEO of CCB.

“All dealerships will continue to provide you with quality sales and aftersales services in accordance with the strictest Mercedes-Benz quality standards supported by Mercedes-Benz Malaysia,” he continued.

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Gerard Lye

Originating from the corporate world with a background in finance and economics, Gerard’s strong love for cars led him to take the plunge into the automotive media industry. It was only then did he realise that there are more things to a car than just horsepower count.

 

Comments

  • Mercedes Daimler > All

    Like or Dislike: Thumb up 9 Thumb down 1
  • John Minum Teh 8X on Dec 03, 2018 at 12:01 pm

    I think this is a good move. Even better I hope Daimler AG come in and control ALL the SC in Malaysia.

    This is because now all SC provide very low quality service with super high prices.

    This is this the reason why 9 out of 10 Benz owners, after warranty go to the hundreds of German Specialist workshops outside.

    Have you wondered why there are so many German specialist workshops in the Klang Valley sprouting up? This is EVIDENCE that Cycle and Carriage provides super low quality of service plus super high prices.

    Many of us just service our cars outside for 50% less in price.

    Well-loved. Like or Dislike: Thumb up 59 Thumb down 6
    • Bad Management Mercedes Malaysia on Dec 03, 2018 at 1:15 pm

      Yup true. Customer will not buy Mercedes. Because there is no point of having if service is still teruk. Moreover, there are lots of problems about Mercedes C Class, E Class and Mercedes S Class and GLC Class after assembling their Mercedes C Class and Mercedes E Class. I have already experience too bro. Shouldn’t buy CKD Mercedes Models.

      Furthermore, Mercedes gives 4 years warranty whereas Volvo, BMW, Volkswagen gives 5 years warranty. And don’t forget, Even though customer buy CKD Mercedes Models including CBU Mercedes Models, when comes to service, Mercedes Malaysian Service Quality is very terrible. This will be more riskier to the customers and it is not safe to buy Mercedes Models

      Like or Dislike: Thumb up 9 Thumb down 9
      • Fair Dinkum on Dec 03, 2018 at 2:47 pm

        All car brands have good and bad service centers as well as good and bad service advisors. I think Mercedes is no exception and is certainly no better or worse than its competitors in Malaysia i.e. BMW and Audi. On CKD car quality, again no better than BMW (Audis are CBU).

        I personally find that if you know who to look out for, Hap Seng Jln Ipoh provides good customer service and work quality. The Door-To-Door and Express service both have worked well for me as advertised. For BMW, Ingress again with the right service advisor delivers good customer service and work quality as well.

        Audi, to be honest I have not experienced any decent customer service or work quality from Euromobil, ever…

        Like or Dislike: Thumb up 11 Thumb down 0
        • Add A Comment on Dec 04, 2018 at 7:22 am

          I believe rich man advice. He drove Benz, BMW and Audi…I trust him.

          Like or Dislike: Thumb up 1 Thumb down 1
  • So now Mesidis will have direct control over their brand in MY. Thats gud! VolvoCar shud oso do the same. Then P1, Mesidis, VolvoCar, VolvoTrucks will be under Geely control.

    Mesidis, Geely, P1, VolvoCar, VolvoTrucks, Lotus > all

    Like or Dislike: Thumb up 7 Thumb down 25
    • Obviously you don’t know much about luxury cars and give nonsensical comments.

      Like or Dislike: Thumb up 4 Thumb down 0
  • heybadigol (Member) on Dec 03, 2018 at 1:02 pm

    Hope it means better service at more competitive prices for Malaysian Mercedes owners. Mercedes car prices in Malaysia is already so high when compared to BMW. Despite BMW being cheaper, they can still offer free maintenance (except wear and tear items) for 5 years.

    Like or Dislike: Thumb up 7 Thumb down 0
  • seancorr (Member) on Dec 03, 2018 at 2:42 pm

    Audi did the same quite a while back with Euromobile but I don’t see any kind of improvement as the brand is still effectively dear here in Malaysia. Only BMW seems to be moving forward TBH.

    Like or Dislike: Thumb up 3 Thumb down 0
  • Random Commenter on Dec 03, 2018 at 3:44 pm

    No it won’t affect car prices or services. CCB is just selling back its share because it has been unprofitable over the last few years due to poor internal management. They just needed the cash injection now.

    On the other hand, in order for MBM to operate in MY, they would need a local player.. E.g. (BMW with Sime Darby). So maybe Hup Seng will be the biggest player for MB in the future?
    I mean MBM HQ in Puchong is already built by Hup Seng anyway…

    Like or Dislike: Thumb up 6 Thumb down 6
 

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