KUALA LUMPUR: The Armed Forces Fund Board (LTAT) is taking Boustead Holdings Bhd private for RM703.2 million.
Boustead announced today that it had received a notice of conditional voluntary takeover offer from UOB Kay Hian Securities (M) Sdn Bhd on behalf of LTAT.
According to its Bursa filing, LTAT was offering to acquire all the remaining 822.51 million shares or a 40.58 per cent stake in Boustead, for 85.5 sen each.
LTAT holds a 59.4 per cent stake in the company.
Trading of Boustead's securities was suspended from 2.30pm to 5pm, pending a material announcement.
Prior to the suspension, Boustead was tarded at 66 sen or 4.80 per cent higher than its Wednesday cosing, giving it a market capitalisation of RM1.32 billion.
Bousted posted a net loss of RM402.3 million in its fourth quarter ended Dec 31, 2022 (Q4 2022) dragged down by Pharmaniaga Bhd's unsold Covid-19 vaccine stock.
The pharmaceutical company, which is Boustead's 52 per cent-owned subsidiary, posted a RM552.3 million impairment provision.
The privatisation news came on the same day that Boustead announced the appointment of Datuk Ahmad Nazim Abd Rahman as its new chairman.
Ahmad Nazim, 47, is the chief executive officer of LTAT.
https://www.nst.com.my/business/2023/03/885196/ltat-privatise-boustead-more-rm700mil