KUALA LUMPUR , July 18, 2008 – Boustead Holdings Berhad (BHB) is on course with its plan to successfully complete its privatisation of Boustead Properties Berhad (Boustead Properties). This significant corporate exercise is part of the Group’s effort to streamline and drive the Group’s growth.
As of 5.00pm, 17 July, 2008, BHB is in control of 97.4% of Boustead Properties. Hence, it only has a mere 2.6% to acquire. The remaining Boustead Properties shareholders who have yet to accept this attractive offer have been given until 24 July 2008 and BHB is confident these shareholders will indeed seize this attractive opportunity.
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 16 July, 2008.
YBhg Tan Sri Dato’ Lodin Wok Kamaruddin, Group Managing Director, Boustead Holdings Berhad said, “We are glad with the very strong and positive response from our shareholders. 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.”
“With the take-over plans of Boustead Properties firmly in place, we are confident we will grow organically and at the same time further strengthen our business. This will be complemented by the synergies in terms of consolidation of assets within the larger BHB Group,” he concluded.
BHB launched a voluntary take-over of Boustead Properties on 5 June 2008 where Boustead Properties shareholders were offered a premium of 31% 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.
Boustead Properties is primarily involved in property development, property investment, hotels and plantations. Its signature property developments are Mutiara Damansara, Selangor and Mutiara Rini, Johor. In addition, it is the developer and owner of one of Malaysia’s leading lifestyle shopping malls, the Curve.
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For further information, please call:
Ng Siew Yen at 012 222 2610 or Reshvinder Kaur at 03 7958 8348 Or email to: clientservicing@acornco.com.my
