KUALA LUMPUR (June 15): Boustead Holdings Bhd on Thursday (June 15) clarified that it has not held any material discussion on divesting petrol station operator Boustead Petroleum Marketing Sdn Bhd (BHPetrol).

“It must be stressed that we have not had any material discussion to date on this matter and have not appointed any adviser for the reported potential corporate transaction as alleged,” said the group in a statement. "We also wish to clarify that the group has not made any share purchase from the other shareholders of BHPetrol nor has it made any prior announcements on the matter."

The statement was issued after Bloomberg reported earlier in the day that Boustead was considering selling BHPetrol for as much as RM2 billion. Citing unnamed people with knowledge of the matter, the report said oil and gas companies as well as investment firms have shown interest in the deal.

Boustead said it is currently fully focused on the group-wide reset following the completion of the group's takeover by its main shareholder Armed Forces Fund (LTAT), following which the group will be delisted.

"We will announce in due course the transformation plans of the group in line with our commitment for transparency.

"Our priority is to re-align strategically, optimise our portfolio and allocate resources to areas that offer higher potential returns, driving sustainable growth while maximising
returns for our shareholders in a timely manner," added Boustead.

The group's shares closed flat at 85.5 sen on Thursday, with a market capitalisation of RM1.72 billion.

Boustead, one of Malaysia’s oldest diversified conglomerates, was listed on Bursa Malaysia in 1961, and has grown to comprise more than 80 listed and non-listed subsidiaries and associate companies. It has expanded its business to plantation, property and industrial, pharmaceutical, heavy industries as well as trading, finance and investment.