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Friday, July 18, 2008

Boustead close to privatising property arm

BOUSTEAD Holdings Bhd (BHB) says it is on course with its plan to successfully complete its privatisation of Boustead Properties Bhd, having gained 97.4 per cent control of the property arm.

In a statement in Kuala Lumpur today, BHB said it was confident that the remaining shareholders who have yet to accept its offer under its voluntary takeover exercise of Boustead Properties will accept its attractive offer which is open until July 24.

The privatisation move is in line with the group’s efforts to streamline and drive its growth.

“The offer for shareholders to take this up is now deemed unconditional.

All shareholders will begin to receive payment for their shares or receive their BHB share entitlement over the next 21 days effective July 16,” it said.

“We have been given to understand by our advisors that the small portion of shareholders who have yet to accept this offer are in the process of doing so.

“On this premise, we would like to accommodate them to provide them with sufficient time to take up our offer,” group managing director, Tan Sri Lodin Wok Kamaruddin said.

BHB launched a voluntary take-over of Boustead Properties on June 5, where Boustead Properties shareholders were offered a premium of 31 per cent above the company’s five-day weighted average market price with a strike price of RM5.50 compared to the said market average of RM4.20.

Kamaruddin said with the take-over plan, the group was confident of growing organically and further strengthening its business.

“This will be complemented by the synergies in terms of consolidation of assets within the larger BHB group,” he said.

By Bernama

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