KUALA LUMPUR, Oct 5 — Boustead Plantations Bhd (BPlant) shares were up in early trade after Lembaga Tabung Angkatan Tentera (LTAT) offered to buy out the company at an offer price of RM1.55 per share.
In a filing with Bursa Malaysia today, BPlant said that it has received a letter from LTAT informing the intention to proceed with the general offer of BPlant at the offer price of RM1.55 per share.
“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 in the stock exchange filing.
The company also advised its shareholders to exercise caution “when dealing in the ordinary shares of BPlant and to seek appropriate advice if they wish to do so as BPlant has not received any firm offer relating to the general offer.”
Earlier, the trading in securities relating to BPlant was halted from 9am and resumed at 10am today.
The latest development followed the termination of its deal with Kuala Lumpur Kepong Bhd (KLK) which also involved BPlant major shareholders LTAT and Boustead Holdings Bhd (BHB).
At 10.44am, BPlant gained eight sen to RM1.35 with 48.55 million shares changing hands.
LTAT, BHB and KLK agreed yesterday not to proceed with KLK’s RM1.15 billion acquisition of a 33 per cent stake in BPlant.
Likewise, KLK shares also increased two sen to RM21.5 with 196,900 shares transacted. — Bernama
