KUALA LUMPUR: The Defence Ministry, through the Armed Forces Fund Board (LTAT), has no plans to sell its share in Boustead Plantations Bhd (BPlant) despite the company no longer being listed on the stock exchange.

The ministry said the fund is examining the strategic directions for BPlant's future plans to further enhance the company's operational performance.

"The step is crucial to ensure that BPlant's value added is increased and realise the company's true potential to make it a competitive asset that is capable of providing sustainable returns in the long run," the ministry said in a parliamentary written reply today.

The ministry said this in response to Datuk Dr Radzi Jidin (Perikatan Nasional-Putrajaya), who enquired if the minister, through LTAT, has plans to sell its share in BPlant following the delisting from Bursa Malaysia Bhd's (Bursa) official list.

BPlant was officially delisted from Bursa on Jan 23. Its share trading had been suspended since the closing date of LTAT's takeover offer for BPlant.

LTAT had also made an unconditional mandatory takeover offer for all remaining shares in the company at a price of RM1.55 per share.

The fund also accumulated more than 90 per cent of BPlant's total issued shares as Kuala Lumpur Kepong Bhd's RM1.15 billion takeover bid for BPlant fell through in October 2023.

https://www.nst.com.my/news/nation/2024/03/1030400/no-plans-sell-ltat-shares-bplant-says-defence-ministry