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LTAT sets sights on Boustead Plantations with RM1.55 per share proposal | Scoop
The Armed Forces Fund Board’s proposal follows the collapse of a RM1.15 billion deal to sell a 33% stake in Boustead Plantations Bhd to Kuala Lumpur Kepong Bhd. – LTAT pic, October 5, 2023
News

LTAT sets sights on Boustead Plantations with RM1.55 per share proposal

Offer represents substantial 22% premium over company's last traded share price, it says

Scoop Reporters
Updated
10:37 AM MYT

 

KUALA LUMPUR – The Armed Forces Fund Board (LTAT) has stated its intentions to acquire Boustead Plantations Bhd (BPlant) by making a general offer for shares it does not own in BPlant at an offer price of RM1.55 per share.

In a Bursa Malaysia filing today, LTAT states that the offer price represents a 22% premium to the company’s last traded share price.

The announcement follows the collapse of a RM1.15 billion deal to sell a 33% stake in BPlant to Kuala Lumpur Kepong Bhd (KLK).

“We wish to inform the board of directors of BPlant that the press release sets out, amongst others, our (LTAT’s) intention to proceed with the general offer of BPlant at the offer price of RM1.55 per share notwithstanding the termination of the strategic collaboration agreement, subject to regulatory approvals. 

“We will make the relevant announcement or notification as and when required in accordance with the requirements of Bursa Malaysia Securities Bhd, Securities Commission Malaysia, and/or any other relevant authorities,” LTAT said in a statement.

Yesterday, LTAT, Boustead Holdings Bhd (BHB), and KLK agreed not to proceed with KLK’s RM1.15 billion acquisition of a 33% stake in Boustead Plantations Bhd (BPlant).

BPlant and KLK said that “the condition precedent under the strategic collaboration agreement (SCA) will not be satisfied by the cut-off date of October 6, 2023.”

“In the circumstances, the parties mutually agree that the SCA shall be terminated with immediate effect on October 4, 2023,” both companies said in their respective filings with Bursa Malaysia.

BPlant is controlled by LTAT and its wholly-owned unit, BHB. LTAT and BHB own 68% of BPlant. 

On Monday, Prime Minister Datuk Seri Anwar Ibrahim said he had approved financial assistance of RM300 million for BHB and is looking for another RM2 billion to ensure LTAT will not be making losses. – October 5, 2023

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