KUALA LUMPUR (Aug 27): Boustead Heavy Industries Corp Bhd (KL:BHIC) is set to be delisted from the Main Market of Bursa Malaysia on Sept 2, following the completion of a privatisation exercise by its major shareholder Boustead Holdings Bhd (BHB).
BHIC will be removed from the official list of Bursa Malaysia Securities Bhd at 9am next Wednesday pursuant to Paragraph 16.07(b) of the Main Market Listing Requirements, according to a listing circular on Thursday.
Trading in BHIC shares was already suspended on Aug 7 as the company moved forward with its selective capital reduction and repayment (SCR) exercise, according to its previous filing on Monday.
Under the SCR, minority shareholders were entitled to a cash repayment of 48 sen per share, as part of a RM149.59 million payout that also covered certain preference shareholders. The entitlement date was Aug 10, while the last trading day for BHIC shares was on Aug 6.
BHIC received the privatisation proposal from BHB on Feb 10. The exercise was approved by shareholders and preference shareholders on April 29, and subsequently sanctioned by the High Court on July 1.
BHB held a 72.38% direct stake in BHIC and 74.71% collectively with its parent, the Armed Forces Fund Board (LTAT), before the exercise. Following the SCR and the delisting from Bursa Malaysia, BHIC will become a wholly-owned subsidiary of BHB.
Listed on Bursa Malaysia’s Main Market since 2007, BHIC is the latest LTAT- and BHB-linked company to be taken private. BHB itself was privatised in June 2023, followed by Boustead Plantations in January 2024.