KUALA LUMPUR: Boustead Holdings Bhd will embark on a new strategy over the next three years following the takeover of the diversified group by Lembaga Tabung Angkatan Tentera (LTAT).
Boustead is in the process of submitting an application to Bursa Malaysia for the withdrawal of its listing status on the Main Board.
Boustead non-independent non-executive chairman Datuk Ahmad Nazim Abd Rahman said the company's delisting marks a new dawn in its history.
"The reset of Boustead will be done in a manner that is objective, responsible and sustainable in unlocking value.
"Under the new shareholding structure, the Boustead Group will embark on a new strategy over the next three years to further intensify the transformation of the company," he said at the company's virtual annual general meeting (AGM) today.
On June 12, LTAT announced the successful take-over of Boustead, at the closing date of the offer.
"In accordance with paragraph 16.07 of the listing requirements, Boustead will take the necessary steps to submit an application to Bursa Securities for the withdrawal of its listing status from the official list of Bursa Securities," it said.
Boustead chief executive officer Izaddeen Daud said beyond its delisting, the company has confidence in the resilience of its diversified core businesses.
Izaddeen said it will continue to sharpen the company's focus on performance improvement programmes and implement prudent cost management strategies to enhance operational efficiencies and drive profit margins.
"Additionally, we are actively exploring new revenue streams and streamlining non-strategic assets to fuel our long-term growth," he added.
The AGM saw the re-election of lieutenant general Datuk Fadzil Mokhtar and Muhammad Fitri Othman to the board of directors.
All other resolutions were also duly passed.