BOUSTEAD Holdings Bhd will continue its group-wide restructuring plan as part of its three-year transformation plan unveiled today.
The plan consists of a few stages premised upon “the three pillars of Evolve, Efficiency and Excellence” and comprises 20 transformation initiatives that cover a wide range of issues from funding to corporate governance, Boustead said in a statement today.
The first phase had already started, said Boustead chairman Mohamed Khaled Nordin. “The first phase of the Transformation Plan which we have already embarked on is aimed at restructuring Boustead and its subsidiaries in order to optimise value. This will enable us to remain resilient in the face of challenges ahead,” he said.
By the end of the three years, Mohamed Khaled said, the group hoped to provide consistent and more sustainable returns to its shareholders, particularly armed forces fund Lembaga Tabung Angkatan Tentera, the major shareholder.
Boustead registered a wider net loss of RM73.1 mil for the first quarter ended March 31 compared to a loss of RM22.4 mil for the same period last year.
The counter’s shares trended 4.46% lower at 54 sen before the midday break. – July 17, 2020
