LTAT completes takeover of Boustead Holdings

LTAT completes takeover of Boustead Holdings

Armed forces’ fund says shareholding in the latter now at around 97.63%

KUALA LUMPUR – Lembaga Tabung Angkatan Tentera (LTAT) has completed the takeover of Boustead Holdings Bhd (BHB) today, on the closing date of the offer.

In a statement, LTAT said its shareholding in BHB is now at approximately 97.63%, which allows for the delisting of BHB and the invocation of the compulsory acquisition provision for the remaining shares, making it a wholly-owned subsidiary of LTAT.

Pursuant to this, BHB will take the requisite steps to submit an application to Bursa Securities for the withdrawal of its listing status from the official list of Bursa securities, in accordance with paragraph 16.07 of the Listing Requirements.

“Next on our to-do list is to ramp up the value creation exercise by having greater alignment of strategies between LTAT and all levels across the group. The wholly-owned model allows LTAT to exercise full discretion and dive deep into the conglomerate’s pain points expeditiously.

“We are determined to reset BHB in a manner that meets LTAT’s objective of undertaking this privatisation exercise,” LTAT chief executive Datuk Nazim Rahman said.

BHB, which was incorporated as a public limited company in 1961, has a long history dating back close to 200 years.

Since its listing, it has expanded to key sectors in the Malaysian economy including plantations, property and industry, pharmaceuticals, and heavy industries, as well as trading, finance, and investment.

– Bernama, June 12, 2023

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