: The Securities Commission has approved the Armed Forces Fund Board’s application for an extension until Oct 27 for the fund to announce its firm intention on the proposed privatisation of the Boustead Holdings group.
Boustead Holdings Bhd, which is 59.42 per cent owned by LTAT, said it received a press notice today from its parent company on the extension given by the SC through a letter dated July 24. “Save for the above, there has been no material development in respect of the proposal,” the conglomerate said in a filing with Bursa Malaysia today.
The group, which is involved in businesses ranging from plantation to finance, reiterated that the proposal was subject to, among others, the finalisation of the structure of the proposal, the requisite funding for the proposal and the required regulatory approval for the proposal.At the close, the counter was unchanged at 68 sen per share with market capitalisation at RM1.38 billion. -Bernama
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