MMC Port Holdings Sdn Bhd will acquire a 53.42 per cent or 251.20 million shares in NCB Holdings Bhd for RM1.11 billion at RM4.40 per share from Permodalan Nasional Bhd and Amanahraya Trustee Bhd.

MMC Port is a wholly-owned subsidiary of MMC Corp Bhd.

In a filing to Bursa Malaysia today, MMC Corp said the proposed acquisition would raise MMC Port's shareholding to about 83.55 percent from 30.13 percent currently.

With the additional shareholding, MMC Port will be obliged to extend a mandatory general offer (MGO) to acquire all the remaining 77.39 million or 16.45 percent NCB shares not held by MMC Port at an offer price of RM4.40 per share for cash.

"Upon completion of the proposed MGO, MMC Port does not intend to maintain the listing status of NCB on the Main Market of Bursa Securities," MMC Corp said.

The proposed acquisition was in line with the initiative of the group to make further strategic investment in its core business of ports and logistics division.

"Through the proposed acquisition, the group may be able to capture operational and cost synergies, which would further enhance the financial performance of our ports and logistics business division.

"The proposed MGO provides opportunities for MMC Port to further increase its shareholdings in NCB after the proposed acquisition," it added.