KUALA LUMPUR: Lembaga Tabung Angkatan Tentera (LTAT) has completed the takeover of Boustead Holdings Bhd at the closing date of the offer today.

LTAT said its shareholdings of Boustead now stand at 97.63, which allows for the latter's delisting and invocation of the compulsory acquisition provision for the remaining shares.

Pursuant to this, Boustead will take the requisite steps to submit an application to Bursa Malaysia for the withdrawal of its listing status from the exchange's official list.

Chief executive Datuk Nazim Rahman said the privatisation of Boustead marks a new dawn and represents a historical moment for LTAT. 

"This corporate exercise is the cornerstone of LTAT's transformation journey which is critical to the success of the portfolio rebalancing plan as anchored by the Strategic Asset Allocation Framework. 

"With this milestone, we trust that Boustead's commercial value will be unlocked and its full potential unleashed in order to boost our asset under management, translating into better returns for our contributors, the members of the Armed Forces."

Nazim added that next on the fund's to-do-list is to ramp up the value creation exercise by having greater alignment of strategies between LTAT and all levels across the group. 

"The wholly-owned model allows LTAT to exercise full discretion and deep dive into the conglomerate's pain points expeditiously. 

"We are determined to reset Boustead in a manner that meets LTAT's objective of undertaking this privatisation exercise," he said.

LTAT previously tabled a 85.5 sen a share offer for the remaining 40.58 per cent shares of Boustead that it did not own as of March 2 this year.

https://www.nst.com.my/business/2023/06/919351/ltat-completes-boustead-takeover-offer-now-owner-over-97pct-stake