The decision comes on the tail of the collapse of a deal for KLK to acquire 33% of the beleaguered plantation company.
PETALING JAYA: In a stunning about-turn following the collapse of the deal for Kuala Lumpur Kepong Bhd to acquire 33% of Boustead Plantations Bhd , the Armed Forces Fund Board is now seeking to buy out the plantation group at RM1.55 per share.
LTAT currently holds a direct 10.59% stake in BPlant while its wholly-owned subsidiary Boustead Holdings Bhd holds 57.42%, for a combined 68% stake in the plantation company. Under the terms of the agreement, KLK was to acquire 739.2 million shares or a 33% stake plus one share in BPlant, for a cash payment of RM1.15 billion.BPlant’s shares surge on LTAT’s offer
“LTAT will make the relevant announcement or notification as and when required in accordance with the requirements of Bursa Malaysia, Securities Commission Malaysia and any other relevant authorities,” it said.
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