KUALA LUMPUR (May 22): The takeover offer by Lembaga Tabung Angkatan Tentera (LTAT) to acquire the rest of the shares in Boustead Holdings Bhd it does not own has turned unconditional.

This came after LTAT met the 90% threshold for the delisting of Boustead as at May 17, 2023.

LTAT’s stake in Boustead has increased to 92.5% following accumulation via open market acquisitions as well as shareholders' acceptances through the offer.

Telecommunications companies and users will not have to pay more or be at a disadvantage in terms of the wholesale price arising from the nation’s transition to the Dual Network (DN), says Communications and Digital Minister Fahmi Fadzil

The offer will remain open for acceptance up to 5pm on June 12, 2023, as LTAT last Thursday extended the offer deadline from 5pm on May 22 (Monday).

To recap, LTAT made a voluntary takeover offer for all shares it does not already own in Boustead Holdings Bhd at 85.5 sen apiece on March 2, 2023.

Based on the number of outstanding shares - 822.51 million, or 40.58% of Boustead - the armed forces pension fund is expected to fork out RM703.25 million for the deal. At that time, LTAT had a 59.42% stake in Boustead.

Shares of Boustead settled unchanged at 85.5 sen, giving it a market capitalisation of RM1.73 billion. 

https://www.theedgemarkets.com/node/668083