KUALA LUMPUR: Lembaga Tabung Angkatan Tentera LTAT or the Offeror) yesterday announced that it has issued a notice on
Unconditional Mandatory Take-Over Offer (Offer) for all the remaining shares in Boustead Plantations Berhad (BPlant) not already held by the Offeror for a cash price of RM1.55.
This is following the signing of the unconditional share sale agreement (SSA) with
Boustead Holdings Berhad (BHB) to acquire 739,199,966 BPlant shares
Representing approximately 33% of the total issued shares of BPlant. Pursuant to
The Capital Markets and Services Act 2007 (CMSA) and the Rules on Take-Overs,
Mergers and Compulsory acquisitions, LTAT is obliged to extend the offer.
Following the above-mentioned acquisition, LTAT holds 976,406,066 shares in BPlant, representing 43.59% of the total issued shares of BPlant.
The offer represents a significant step forward in LTAT’s 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 accelerate the value creation plans that meet the objective of LTAT. LTAT remains steadfast in enhancing its asset quality to provide sustainable returns to its contributors, in line with the LTAT Strategic Plan 2023-2025 (SUSTAINABLE25).
