Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 19): Boustead Holdings Bhd (BHB) said today the diversified group will not be able to comment at this juncture on a media report by The Edge yesterday on the intention of Lembaga Tabung Angkatan Tentera (LTAT) to privatise BHB via selective capital reduction and repayment (SCR).

"We refer to a media report by The Edge on Jan 18, 2021 titled 'Sources: LTAT To Take Boustead Private Via SCR And Up Takeover Price' with regards to the intention of LTAT to privatise BHB.

"BHB is subject to regulatory requirement and will not be able to comment at this juncture. Further announcement will be made in accordance with such regulatory requirements at the appropriate time,” BHB said in a Bursa Malaysia filing today.

On Bursa today, BHB’s share price closed down 0.5 sen or 0.68% at 73 sen, which gives the group a market capitalisation of about RM1.48 billion. BHB saw 6.65 million shares traded.

The Edge Malaysia, quoting sources, reported in its latest issue that after two deadline extensions, LTAT has decided to take its 59.43%-owned subsidiary BHB private.

It was reported that the armed forces fund has until Feb 2, 2021 to make up its mind on the proposed privatisation.

It was reported that instead of LTAT making a general offer, the privatisation of BHB can be done via an SCR exercise.

According to the report, LTAT is also likely to raise its indicative price of 80 sen for each BHB share that was proposed in May 2020.

According to BHB’s website, the group’s diversified businesses include oil palm plantation, property development, and pharmaceutical manufacturing.

BHB, which operates the BHPetrol stations across Peninsular Malaysia, also offers financial services via Affin Bank Bhd, according to the website.

Edited ByChong Jin Hun
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