LTAT completes take-over of Boustead Holdings

Lembaga Tabung Angkatan Tentera (LTAT) has completed the take-over of Boustead Holdings Bhd (BHB) today, on the offer's closing date.

In a statement, LTAT said its shareholdings in BHB is now at approximately 97.63 percent.

It said this allows for the de-listing of BHB and invoking the compulsory acquisition provision for the remaining shares, making it a wholly-owned subsidiary of LTAT.

Under this, BHB will take the requisite steps to apply to Bursa Securities to withdraw its listing status from the Official List of Bursa Securities per 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 complete 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 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 plantation, property and industrial, pharmaceutical, heavy industries, trading, finance and investment.

- Bernama

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