PETALING JAYA, June 15, 2023 – Boustead Holdings Berhad (BHB or the Group) today held its 61st Annual General Meeting (AGM), which was held virtually with shareholders participating via livestreaming.
Non-Independent Non-Executive Chairman, Dato’ Ahmad Nazim Abd Rahman, chaired the meeting, which was also attended by other members of the Board of Directors.
BHB’s financial year ended 31 December 2022 (FY2022) was reviewed at the AGM. The AGM also touched on the prospects for 2023 and beyond within the context of the Group’s upcoming delisting.
On 12 June 2023, Lembaga Tabung Angkatan Tentera (LTAT) announced the successful take-over of BHB, at the closing date of the offer. In accordance with paragraph 16.07 of the Listing Requirements, BHB will take the necessary steps to submit an application to Bursa Securities for the withdrawal of its listing status from the Official List of Bursa Securities.
Dato’ Ahmad Nazim said, “Our delisting marks a new dawn in the Group’s history. The reset of Boustead will be done in a manner that is objective, responsible and sustainable in unlocking value. Under the new shareholding structure, the Boustead Group will embark on a new strategy over the next three years to further intensify the transformation of the Group.”
Izaddeen Daud, Chief Executive Officer, Boustead Holdings Berhad, added, “Beyond our delisting, we have confidence in the resilience of our diversified core businesses. We will continue to sharpen our focus on performance improvement programmes and implement prudent cost management strategies to enhance operational efficiencies and drive profit margins. Additionally, we are actively exploring new revenue streams and streamlining non-strategic assets to fuel our long-term growth.”
The results of the AGM saw the re-election of Lieutenant General Dato’ Fadzil Mokhtar (R) and Muhammad Fitri Othman to the Board of Directors. All other resolutions were also duly passed.
For its financial year ended 31 December 2022, the Group delivered a revenue of RM15.1 billion. The better revenue represents an impressive increase of 34% from the previous year, despite the challenges faced. Profit before taxation and zakat (PBT) was RM420 million while profit after taxation and zakat (PAT) stood at RM104 million. The profit reduction was attributable to the RM552 million write-down of COVID-19 inventories in the Pharmaceutical Division, which was undertaken in adherence with the requirements of the Malaysian Financial Reporting Standards. In the Heavy Industries Division, the delay of the Littoral Combat Ship project also impacted the Group’s bottom line.
As announced on 29 May 2023, the Group recorded a revenue of RM3.2 billion for the first quarter ended 31 March 2023. Nevertheless, the Group’s bottom line was impacted by weaker contributions from its Divisions. This resulted in a loss after tax of RM43 million for the quarter under review.
About Boustead Holdings Berhad
Boustead Holdings Berhad (“Boustead”) is one of Malaysia’s oldest conglomerates with Lembaga Tabung Angkatan Tentera (“LTAT”) as its majority shareholder. The diversified Group comprises more than 90 subsidiaries, associate companies and joint ventures, and has substantial interests in various sectors of the Malaysian economy.
Its operations are focused in five key areas namely plantation, heavy industries, property & industrial, trading, finance & investment, and pharmaceutical.
Since its inception as a modest trading entity more than 190 years ago, the Boustead Group has grown by leaps and bounds. As at 31 March 2023, Boustead Holdings Berhad’s paid-up capital was RM2.7 billion while its shareholders’ funds stood at RM3.2 billion. Market capitalisation is in the region of RM1.7 billion. For more information on Boustead, log on to www.boustead.com.my.
For more details, please contact Boustead’s Group Engagement & Communications Department at email@example.com.
Forward looking statements
This release may contain certain forward-looking statements with respect to the financial conditions, results of operations and business of the Group and certain plans and objectives of Boustead Holdings Berhad with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.