KUALA LUMPUR: Lembaga Tabung Angkatan Tentera (LTAT) has issued a notice on unconditional mandatory takeover offer for all the remaining shares in Boustead Plantations Bhd
(BPlant) that are not already held by LTAT for a cash price of RM1.55.
In a statement today, LTAT said the exercise was taken after the signing of the unconditional share sale agreement with Boustead Holdings Bhd (BHB) to acquire 739,199,966 BPlant shares representing approximately 33 per cent of the total issued shares of BPlant.
"Following the above-mentioned acquisition, LTAT holds 976,406,066 shares in BPlant, representing 43.59 per cent of the total issued shares of BPlant,” it added.
LTAT said the offer represented a significant step forward in its overall restructuring and turnaround of the BHB group of companies and in rebalancing its investment portfolio to better position the fund vis-à-vis the risk-return profile.
"The offer also provides LTAT greater flexibility in setting the strategic direction of BPlant and accelerating the value creation plans that meet the objective of LTAT.
"The fund remains steadfast in enhancing its asset quality to provide sustainable returns to its contributors, in line with the LTAT Strategic Plan 2023-2025,” it added. - Bernama
