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Wednesday, May 14, 2008

Boustead bids to buy out property arm

MALAYSIAN industrial and financial group Boustead Holdings is making a buyout offer on its property subsidiary, Boustead Properties, Boustead said on today.

The companies today called a halt to trading in their shares.

Boustead Holdings was last traded at RM5.25 and Boustead Properties at RM4.64, a 9.7 percent discount to the per share value of its net assets of RM5.14.

Boustead Holdings owns 65.01 per cent of Boustead Properties, which has a market value of about RM1.18 billion.

Malaysian armed forces fund Lembaga Tabung Angkatan Tentera is the largest shareholder of Boustead Holdings, with a 57.5 per cent stake.

By Reuters

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