KUALA LUMPUR: The Securities Commission has approved an extension of time for the Armed Forces Fund Board (LTAT) to announce its firm intention on the proposed privatisation of its subsidiary, Boustead Holdings group.
LTAT owns 59.42% of Boustead Holdings Bhd, which is listed on the stock exchange.
In a filing with Bursa Malaysia today, Bousted said it received a press notice today from its parent company on the extension given by the SC through a letter dated July 24.
The group, which is involved in businesses ranging from plantation to finance, reiterated that the proposal was subject to, among others, the finalisation of the structure of the proposal, the requisite funding for the proposal and the required regulatory approval(s) for the proposal.
In late May, Boustead confirmed that LTAT was considering a proposal to privatise the company.
At the close of trading today, Boustead’s share price was unchanged at 68 sen, placing the group’s market capitalisation at RM1.38 billion.