Thursday May 15, 2008 MYT 5:13:27 PM
Boustead offering RM5.50 a share for Boustead Properties
By Joseph Chin
KUALA LUMPUR: Boustead Holdings Bhd (BHB) is offering RM5.50 per share under its takeover of Boustead Properties Bhd, which is 31% above the five-day weighted average market price of RM4.20.
BHB, which already owns 65% of Boustead Properties, said Thursday under this significant corporate exercise, Boustead Properties minority shareholders could expect a handsome premium for their equity.
“This consideration is also at a premium on the audited net assets per share as at 31 December 2007 of RM5.14,” it said.
As at today, Lembaga Tabung Angkatan Tentera (LTAT) holds 8.6% in Boustead Properties and is deemed as a person acting in concert with BHB by virtue of LTAT’s 57.5% stake in BHB.
“LTAT has consented to this VTO and provided its irrevocable undertaking to accept the proposed offer in respect of its shareholding in Boustead Properties,” it said.
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