KUALA LUMPUR: Lembaga Tabung Angkatan Tentera (LTAT) says it is firmly on track in its bid to privatise Boustead Holdings Bhd.
The armed forces pension fund, in a statement today, said its latest shareholdings in Boustead stood at 90.49 per cent, which was accumulated via open market acquisition as well as shareholders' acceptances through the offer.
As at the date of the offer notice, LTAT's shareholdings in Boustead was 59.42 per cent.
LTAT chief executive Datuk Nazim Rahman said the latest development was a significant milestone in the privatisation bid.
"Ut puts LTAT in a position to delist Boustead within the first closing date of May 22, 2023, subject to all regulatory approvals being obtained to fulfill the offer conditions."
He said the offer remained conditional on the approval of a regulatory body.
"The completion of the privatisation exercise will allow LTAT to accelerate the turnaround of Boustead, as part of its larger goal to rebalance its investment portfolio and ensure the funds longterm sustainability.
"The turnaround will entail the restructuring of the group, rationalisation of its debt obligations and implementation of value creation activities," he added.
On March 2 this year, LTAT issued a notice on conditional voluntary takeover offer for the remaining 40.58 per cent shares which it does not hold in Boustead for 85.5 sen per share.
LTAT dispatched the offer document with form of acceptance and transfer to Boustead shareholders on March 23.
This was followed with the issuance of an independent advice circular by Kenanga Investment Bank Bhd on April 17, recommending the shareholders to accept the offer.