No offers yet from LTAT, Boustead says on privatisation

Boustead Holdings Bhd has said that it had yet to receive any privatisation offers from controlling shareholder Lembaga Tabung Angkatan Tentera (LTAT) after the armed forces fund expressed interest in taking the group private.

“At this juncture, the company has not received any offer relating to this proposal from LTAT or any other parties,” the company said in a statement today.

LTAT, which owns a 59% stake, confirmed its interest to privatise Boustead at an indicative price of 80 sen per share.

“This offer price is indicative only and non-binding. The final offer price in relation to the proposal (if undertaken) is subject to finalisation by LTAT,” the fund said in a statement yesterday.

Moving forward, Boustead said it had advised shareholders to “exercise caution and seek appropriate advice” when dealing in the ordinary shares of the company, since there is “no certainty that LTAT will proceed with the proposal.”

At 11.47am, no Boustead shares were traded, with the shares remaining at a static 63 sen. – May 29, 2020

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