KUALA LUMPUR (Jan 29): Boustead Holdings Bhd has requested for a suspension of its shares in Bursa Malaysia next week pending a material announcement.
In a bourse filing today, it said trading of its shares will be suspended with effect from Tuesday Feb 2 at 9am.
Tuesday will be the first trading day of the week as Feb 1 is the Federal Territories public holiday.
Shares of Boustead ended five sen or 6.58% lower at 71 sen, for a market capitalisation of RM1.44 billion.
Lam Jian Wyn
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AFTER two deadline extensions, Lembaga Tabung Angkatan Tentera (LTAT) has decided to take its listed flagship group Boustead Holdings Bhd private, say sources. The armed forces fund has until Feb 2 to make up its mind on the proposed privatisation.
Sources with knowledge of the matter tell The Edge that instead of LTAT making a general offer, the privatisation of its 59.43%-owned subsidiary Boustead can be done via a selective capital reduction and repayment (SCR) exercise. The armed forces fund is also likely to raise its indicative price of 80 sen per share that was proposed in May last year.
“The offer price could potentially be more than 90 sen per share, or maybe even RM1 per share, taking into account the fact that the value of Boustead’s stakes in three public-listed companies Boustead Plantations Bhd (57.42%), Pharmaniaga Bhd (55.93%) and Affin Bank Bhd (20.73%) have increased over the past few months,” says a source.
Shares in Boustead Holdings Bhd rose as much as 9.5 sen or 14.3% earlier this morning after news broke again that Lembaga Tabung Angkatan Tentera (LTAT) had decided to take the company private. As at 12.10pm, Boustead had pared some of its gains and was up 7.52% or five sen at 71.5 sen, valuing the company at RM1.45 billion. Some 25.93 million shares were traded. While the counter was down 23% from 93 sen a year ago, it was still 104% higher from last year’s trough of 35 sen.
Kumpulan Wang Persaraan (Diperbadankan)
Former Lembaga Tabung Angkatan Tentera (LTAT) chief executive Nik Amlizan, 51, was tasked in 2019 with moving the organisation beyond the financial mismanagement and irregularities that it had been embroiled in. In October 201, she took over the reins from Tan Sri Lodin Wok Kamaruddin, who had stepped down in the wake of the scandal.
Nik Amlizan is the first woman to helm the armed forces pension fund. She moved quickly to get LTAT back on track, putting in place a five-year strategic plan, along with Haniz Nazlan, who had joined the organisation in August 2019 in the newly created role of chief investment officer (CIO). Haniz told The Edge in a June interview that LTAT had lined up more than 30 investment-related initiatives for 2020 alone, which involved establishing the right framework and detailed investment plans, as well as enhancing existing policies and processes to guide the long-term transformation journey towards becoming a world-c
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