Saturday, July 13

LTAT Firm on January 5 Deadline for BPlant Privatisation Bid at RM1.55 per Share

In a resolute move, Lembaga Tabung Angkatan Tentera (LTAT) has declared a non-negotiable deadline of January 5, 2024, for its privatisation bid for Boustead Plantations Bhd (BPlant), offering RM1.55 per share. LTAT, having secured over 90% of BPlant’s shares, emphasized that there will be no extensions beyond the specified closing date.

LTAT’s significant acquisition, amounting to a 92.2% stake, equivalent to 2.07 billion shares, was disclosed in BPlant’s latest bourse filing on January 3. With this majority ownership, Bursa Securities is expected to cease trading within five days of the stipulated closing date, which may pose challenges for holders of unlisted shares.

This development follows LTAT’s determined stance amid a prior unsuccessful RM1.15 billion takeover attempt by Kuala Lumpur Kepong Bhd in October 2023. An independent adviser had previously deemed LTAT’s offer as “not fair but reasonable.”

As of the most recent trading day, BPlant’s share price remains stable at RM1.55, reflecting an estimated valuation of RM3.47 billion for the company. LTAT’s unwavering commitment to the privatisation bid signifies a strategic move in the evolving landscape of BPlant’s ownership.

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