KUALA LUMPUR, 2 March 2023 — Boustead Holdings Bhd (BHB) has received a conditional voluntary take-over offer to acquire all the remaining 822.51 million ordinary shares (40.58 per cent) in BHB for 85.5 sen per share from Lembaga Tabung Angkatan Tentera (LTAT).
According to BHB, the offer price is at a 36.8 per cent premium over the last traded price of Boustead shares at 62.5 sen on March 1 prior to the announcement.
BHB said as of the latest practicable date, LTAT directly holds 1.20 billion BHB shares representing 59.42 per cent of the total issued shares in BHB.
“However the offer is conditional upon the Minister of Finance’s approval upon Bank Negara Malaysia’s recommendation and BNM’s approval under Section 87 of the Financial Services Act 2013 and Section 99 of the Islamic Financial Services Act 2013 to allow the offeror to acquire up to 100 per cent equity interest in BHB,” it said in a filing with Bursa Malaysia today.
The conditions must be fulfilled within 21 days after the first closing date, in accordance with the Securities Commission Malaysia’s rules on takeovers, mergers and compulsory acquisitions.
BHB also said that LTAT does not intend to maintain the listing status of BHB. As such, it will not be taking any step to address any shortfall in the public shareholding spread of BHB in the event BHB does not meet the public spread requirement after the closing date.
LTAT, established in 1972, provides superannuation and other benefits for contributors and for the ancillary purposes of promoting the socio-economic development and welfare of and providing other benefits for, retiring and retired personnel of the regular forces of Malaysia and designated members of the volunteer forces.
— Akses Malaysia
