KUALA LUMPUR: The Armed Forces Fund Board, also known as Lembaga Tabung Angkatan Tentera (LTAT), has successfully concluded its takeover of Boustead Holdings Bhd (BHB) following the closing date of the offer yesterday.
In a statement, the LTAT said its shareholdings in BHB now stands at 97.63%.
This will allow the delisting of BHB and the invocation of the compulsory acquisition provision for its remaining shares, making BHB a wholly-owned subsidiary of LTAT.
“Pursuant to this, BHB will take the requisite steps to submit an application to Bursa Malaysia for the withdrawal of its listing status from the official list in accordance with paragraph 16.07 of the listing requirements,” said LTAT.
In a filing with Bursa Malaysia, UOB Kay Hian, on behalf of BHB, said Bursa would suspend the trading of BHB shares from June 20, 2023.
Meanwhile, LTAT chief executive Datuk Nazim Rahman said in a statement that the privatisation of BHB marked a new dawn representing a historical moment for LTAT.
“This corporate exercise is the cornerstone of LTAT’s transformation journey which is critical to the success of the portfolio rebalancing plan as anchored by the strategic asset allocation framework.
“With this milestone, we trust that BHB’s commercial value will be unlocked and its full potential unleashed to boost our asset under management, translating into better returns for our contributors, the members of the Armed Forces.”
Nazim said next agenda on LTAT’s “to-do-list” is to ramp up its value creation exercise by having greater alignment of strategies between LTAT and all levels across the group.
“The wholly-owned model allows LTAT to exercise full discretion and deep dive into the conglomerate’s pain points expeditiously,” he added.
