TypeAnnouncement
SubjectTAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A))
DescriptionBOUSTEAD HOLDINGS BERHAD (“BHB” OR THE “OFFEREE”)

CONDITIONAL VOLUNTARY TAKE-OVER OFFER FROM UOB KAY HIAN SECURITIES (M) SDN BHD ON BEHALF OF LEMBAGA TABUNG ANGKATAN TENTERA (“OFFEROR”)

Unless otherwise stated, all abbreviations used herein shall have the same meaning as defined in the offer document in relation to the Offer dated 23 March 2023 (“Offer Document“).

 

Reference is made to the Offer Document which sets out the terms and conditions of the Offer.

 

The Board of Directors of Boustead Holdings Berhad (“BHB” or the “Offeree“) (“Board“) wishes to announce that the Board has on 13 April 2023 received a press notice from UOBKH, on behalf of the Offeror, informing that the conditionality of the Offer upon the BNM Conditions shall be revised in view that the Developments (as defined in the press notice) may entail certain consequential changes to the effective equity interest in the relevant entities under BNM’s purview that renders certain FSA and IFSA threshold requirements not being applicable to LTAT pursuant to the Offer. The remaining FSA and IFSA threshold requirements which will continue to apply to LTAT pursuant to the Offer shall be reflected in the Revised BNM Conditions (shown below), and therefore the Offer is still conditional upon the Revised BNM Conditions (shown below).

 

Accordingly, as a result of the Developments, the conditionality of the Offer upon the BNM Conditions shall be revised to the Revised BNM Conditions as follows:-

Original BNM Conditions

(per Offer Document)

Revised BNM Conditions

(which shall take effect as at the date of this notice)

The Offer is conditional upon the following BNM Conditions:-

(i) MoF’s approval upon BNM’s recommendation and BNM’s approval under Section 87 of the FSA and Section 99 of the IFSA to allow the Offeror to acquire up to 100% equity interest in BHB which entail consequential changes to the effective equity interest of the Offeror in Affin Bank Berhad Group, AXA Affin Life Insurance Berhad and AXA Affin General Insurance Berhad; and

 

(ii) waiver from BNM from complying with Section 110 of the FSA and Section 122 of the IFSA in relation to the requirement for LTAT and/or its nominated company to be approved as a financial holding company of Affin Bank Berhad Group.

The Offer is conditional upon the following BNM Conditions:-

 

(i) BNM’s approval under Section 87(1) of the FSA and Section 99(1) of the IFSA to allow the Offeror to acquire up to 100% equity interest in BHB which entail consequential changes to the effective equity interest of the Offeror in Affin Bank Berhad Group.

 

As set out in the Offer Document, the BNM Conditions must be fulfilled within 21 days after the First Closing Date, i.e. by 5.00 p.m. (Malaysian time) on Monday, 12 June 2023 (being the last day for fulfilment of BNM Conditions), failing which the Offer shall lapse and cease to be capable of further acceptance, and all acceptances received under the Offer must be returned to the Accepting Holders immediately. Where the Offer becomes or is declared unconditional, the Offeror must keep the Offer open for acceptance for not less than 14 days thereafter.

 

Save the Revised BNM Conditions, all other details, terms and conditions of the Offer as set out in the Offer Document remain unchanged.

 

Please refer to the attached press notice for further information.

 

This announcement is dated 13 April 2023

Please refer attachment below.

 


Announcement Info

Company NameBOUSTEAD HOLDINGS BERHAD
Stock NameBSTEAD
Date Announced13 Apr 2023
CategoryGeneral Announcement for PLC
Reference NumberGA1-13042023-00094

Attachments

  1. LTAT_-_Press_Notice_to_Bursa_(Revised_BNM_Conditions).pdf (Size: 322,611 bytes)