Kuala Lumpur, 2 February 2021 – The Board of Boustead Holdings Berhad (“Boustead” or the “Group”) has today received a notification from Lembaga Tabung Angkatan Tentera (“LTAT”) informing that the Privatization Proposal (“Proposal”) will not be pursued at this juncture. This decision was reached after taking into account the various risk factors in implementing the Proposal, particularly the current challenging economic environment arising from the Covid-19 pandemic and the reimplementation of Movement Control Order.

In view of this development, it was jointly-agreed between both parties for the Management of Boustead to focus on its newly crafted Reinventing Boustead strategy to rejuvenate the Group. This strategy will involve value creation within the Group’s existing core businesses, creatively changing business models, rationalising a few non-strategic assets, as well as venturing into the digital services and technology sector.

Boustead’s Group Managing Director, Dato’ Sri Mohammed Shazalli Ramly said, “The need to reinvent Boustead is needed more than ever. Through enhanced creativity and continuous innovation of business models, anchored in the foundation of uncompromising governance and integrity, we commit to transform our brick-and-mortar businesses to become more robust, digitised and sustainable. Over the next few weeks, we will start unveiling our initiatives one-by-one to accelerate the reinvention of Boustead, and ultimately meet the expectations of our shareholders.”

Speaking on the decision, Boustead’s Chairman, Dato’ Seri Mohamed Khaled Bin Nordin said, “After a thorough study and discussions with relevant stakeholders, LTAT and Boustead have landed on a mutual decision not to pursue with the Proposal at this juncture. We welcome this decision as the Management of Boustead will now have unwavering focus to capitalise on emerging opportunities and accelerate value creation. We are clear on the path we need to take to improve our business prospects and maximise the returns to our main stakeholders – the military contributors of LTAT.”


About Boustead Holdings Berhad

Boustead Holdings Berhad (‘Boustead’), one of Malaysia’s oldest conglomerates, is Lembaga Tabung Angkatan Tentera (‘LTAT’)’s investment arm. 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 30 September 2020, Boustead Holdings Berhad’s paid-up capital was RM2.7 billion while its shareholders’ funds stood at RM3.5 billion. Market capitalisation is currently in the region of RM1.3 billion. For more information on Boustead, log on to  www.boustead.com.my 

For more details, please contact Boustead’s Group Corporate Communications Department at gcom@boustead.com.my