KUALA LUMPUR (Jan 3): Lembaga Tabung Angkatan Tentera (LTAT) is not extending the closing date for its RM1.55 per share privatisation offer for Boustead Plantations Bhd (BPlant) beyond Jan 5, 2024.
In a statement, the fund said since it does not intend to maintain the listing status of BPlant, Bursa Securities will suspend the trading of the plantation company's shares within five market days from the final closing date, per listing requirements.
“Holders should note that in the event BPlant is delisted, holders will be holding unlisted shares and the absence of a trading platform for the BPlant shares will make it difficult for holders to trade their unlisted BPlant shares.
“Furthermore, there is no assurance that the holders will be able to dispose their BPlant shares at a price equivalent to or above the offer price after the potential suspension and delisting of BPlant shares,” LTAT added.
LTAT said it has accumulated more than 90% of BPlant’s total issued shares.
As at Jan 3, it owns a 92.2% stake or 2.07 billion shares, according to BPlant’s bourse filing on Wednesday (Jan 3).
Last month, independent adviser Malacca Securities said that LTAT's offer is “not fair but reasonable”, and recommended Boustead Plantations shareholders accept the offer.
LTAT’s takeover offer came after Kuala Lumpur Kepong Bhd's RM1.15 billion takeover bid for Boustead Plantations fell through in October 2023.
BPlant’s share price closed unchanged at RM1.55 which values the company at RM3.47 billion.
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