KUALA LUMPUR: The closing date for Lembaga Tabung Angkatan Tentera's (LTAT) RM1.55 per share privatisation offer for Boustead Plantations Bhd (BPlant) will not be extended past January 5, 2024.
The fund said in a statement that Bursa Securities will halt trading of the plantation company's shares within five market days of the final closing date in accordance with listing requirements because it does not plan to maintain BPlant's listing status.
LTAT said it has accumulated over 90 per cent of BPlant's total issued shares.
As at Jan 3, it owns a 92.2 per cent stake, or 2.07 billion shares, according to BPlant's bourse filing on Wednesday (Jan 3).
"Holders should note that in the event BPlant is delisted, holders will be holding unlisted shares, and the absence of a trading platform for the BPlant shares will make it difficult for holders to trade their unlisted BPlant shares.
"Furthermore, there is no assurance that the holders will be able to dispose their BPlant shares at a price equivalent to or above the offer price after the potential suspension and delisting of BPlant shares," LTAT said.
LTAT's takeover offer came after Kuala Lumpur Kepong Bhd's RM1.15 billion takeover bid for BPlant fell through in October 2023.
Last month, independent adviser Malacca Securities said that LTAT's offer is "not fair but reasonable" and recommended BPlant shareholders accept the offer.
LTAT made its takeover offer following the failure of Kuala Lumpur Kepong Bhd's RM1.15 billion takeover attempt for BPlant in October 2023.
Malacca Securities, an independent adviser, said last month that LTAT's offer is "not fair but reasonable" and advised BPlant shareholders to accept it.
The share price of BPlant closed unchanged at RM1.55, giving the company a valuation of about RM3.47 billion.