KUALA LUMPUR – The Armed Forces Fund Board (LTAT) is firmly on track in its bid to privatise Boustead Holdings Bhd (BHB).
In a statement, LTAT said the latest shareholdings of LTAT in BHB is approximately 90.49%, accumulated via open market acquisition as well as through shareholders’ acceptances of the offer.
“As at the date of the offer notice, the shareholdings held by LTAT in BHB stood at 59.42%,” it said.
LTAT issued a notice on the conditional voluntary takeover offer to the BHB board on March 2, 2023, for the remaining 40.58% it did not hold for a cash offer of RM0.855 per share.
LTAT dispatched the offer document with the acceptance form and transfer to BHB shareholders on March 23, 2023, followed by Kenanga Investment Bank Bhd issuing an independent advice circular on April 17, 2023, recommending the shareholders accept the offer.
Chief executive Datuk Nazim Rahman said this latest development is a significant milestone as it puts LTAT in a position to delist BHB within the first closing date of May 22, 2023 subject to all regulatory approvals being obtained to fulfil the offer conditions.
“The offer remains conditional on the approval of a regulatory body.”
The completion of the privatisation exercise will allow LTAT to accelerate BHB’s turnaround as part of its larger goal to rebalance its investment portfolio and ensure the funds’ long-term sustainability, the statement said.
“The turnaround will entail the restructuring of the group, rationalisation of its debt obligations and implementation of value creation activities,” he said. – Bernama, May 17, 2023
