KUALA LUMPUR (June 1): Boustead Holdings Bhd declined by as much as 4.32% this morning following confirmation from its controlling shareholder, Lembaga Tabung Angkatan Tentera (LTAT) that it is considering to take the conglomerate private.

As of 10:13 am, Boustead shares were down by 4.32% or three sen at 66.5 sen apiece, valuing it at some RM1.39 billion.

In terms of volume, the diversified conglomerate saw 7.74 million shares traded, outstripping its 200-day average trading volume of 2.67 million shares.

Boustead opened the trading day at 70 sen apiece, before declining to its intra-morning low 66 sen at 9:24 am.

This comes in as the LTAT announced on Friday that it was considering taking Boustead private for 80 sen apiece. However, the army fund said that Friday’s notification does not amount to a firm intention that it will undertake the exercise.

It is also worth mentioning that Boustead has stakes in four publicly listed companies – Affin Bank Bhd, Boustead Plantations Bhd, Boustead Heavy Industries Corp Bhd (BHIC) and Pharmaniaga Bhd, which also see LTAT owning stakes as well.

Shares in Affin Bank (where Boustead is the third largest shareholder with a 20.73% stake) were down by 0.63% or a sen at RM1.58.

In the case of Boustead Plantations – where Boustead holds a controlling 57.42% stake – the planters’ shares were down by 1.39% or half a sen lower at 35.5 sen per share.

Meanwhile, 65% owned BHIC also saw declines this morning, falling by 6.67% or five sen to 70 sen apiece.

However, Pharmaniaga posted a minute gain of 0.4% or a sen at RM2.51, valuing the pharmaceutical company at some RM655.69 million.

Also read: https://www.theedgemarkets.com/article/ltat-confirms-it-considering-taking-boustead-private

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