The Armed Forces Fund Board (LTAT) and Boustead Holdings Bhd had proposed to dispose a 33% stake to KLK for RM1.15 billion.
Under the deal, KLK was to acquire a 33% stake plus one share in BPlant, paying RM1.15 billion in cash as well as initiate a compulsory takeover bid.
In a Bursa Malaysia filing today, BPlant confirmed that the three companies “mutually agreed” to terminate the strategic collaboration agreement they inked on Aug 24. The deal’s completion deadline saw not one but two extensions stretching from Sept 11 to Sept 22, and then again to Oct 6 . In a separate bourse filing, KLK said as a result of the termination, BHB shall return the deposit sum of RM229.15 million to KLK within 14 business days from today, or such other later date as may be agreed between the parties.
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