LTAT gets extension till Feb 2, 2021 to state firm intention on Boustead privatisation

KUALA LUMPUR: The Armed Forces Fund Board (LTAT) has received the approval from the Securities Commission Malaysia (SC) for a further extension of time until Feb 2, 2021 to announce its firm intention on the proposed privatisation of its most prized possession, Boustead Holdings Bhd (BHB).

In a statement today, the controlling shareholder of BHB said the SC has advised that it would not grant any further extension of time beyond Feb 2, 2021.

“Save for the above, there has been no material development in respect of the proposal. As highlighted in the notices, the proposal is subject to, amongst others, the finalisation of the structure of the proposal, the requisite funding and the required regulatory approvals.

“We wish to highlight that this notification does not amount to a firm intention that we will undertake the proposal. Accordingly, there can be no certainty that we will proceed with the proposal,” it said.

LTAT said subsequent announcements would be made on any material development in relation to the proposal in accordance with the Rules on Take-Overs, Mergers and Compulsory Acquisition.

On May 28, LTAT said it was mulling a proposal to privatise the company at an offer price of 80 sen per share.

The group announced on July 27 that the SC had approved its application for an extension until Oct 27 for the fund to announce its firm intention on the proposal.

Meanwhile, on Aug 27, it said Bank Negara Malaysia, via its letter dated Aug 7, 2020, stated that it had no objection for the fund to commence negotiations with BHB on the possible privatisation exercise.

-- BERNAMA