Shareholders of Astacanggih Sdn Bhd, which carpet trader Deepak Jaikishan had an interest in, had made an offer to sell their stake to Boustead Holdings Bhd in June last year.
This was disclosed in Boustead Holdings' filing to Bursa Malaysia yesterday.
"The acquisition of 80 percent in Astacanggih forms part of this corporate exercise to acquire an 80 percent interest in the 200 acre development land in Bukit Raja at a total price of RM160 million or RM18.37 per square feet," read the filing.
The filing by Boustead Holdings will likely put the brakes on claims that the company, partly owned by the defence ministry, had been acquired Astacanggih to silence Deepak (left).
The trader had been on the warpath against Prime Minister Najib Abdul Razak and his wife Rosmah Mansor since the opening of the Umno general assembly in late November.
Among others, Deepak had claimed that Najib had not honoured his part of a deal struck when he was defence minister, leading him into a court dispute over the same plot of land with Awan Megah Sdn Bhd.
Late last month, Deepak abruptly withdrew from the suit against the company, generating speculation that he had been pacified with the acquisition.
Tracing background to deal
This was disclosed in Boustead Holdings' filing to Bursa Malaysia yesterday.
"The acquisition of 80 percent in Astacanggih forms part of this corporate exercise to acquire an 80 percent interest in the 200 acre development land in Bukit Raja at a total price of RM160 million or RM18.37 per square feet," read the filing.
The filing by Boustead Holdings will likely put the brakes on claims that the company, partly owned by the defence ministry, had been acquired Astacanggih to silence Deepak (left).The trader had been on the warpath against Prime Minister Najib Abdul Razak and his wife Rosmah Mansor since the opening of the Umno general assembly in late November.
Among others, Deepak had claimed that Najib had not honoured his part of a deal struck when he was defence minister, leading him into a court dispute over the same plot of land with Awan Megah Sdn Bhd.
Late last month, Deepak abruptly withdrew from the suit against the company, generating speculation that he had been pacified with the acquisition.
Tracing background to deal
Meanwhile, the filing by Boustead Holdings had also stated that negotiations with Awan Megah had been ongoing since April 11, 2005.
"However, the Boustead Group was only able to conclude the final agreements in the third week of December, 2012 after prolonged negotiations with the respective parties," said the company.
It added that they expect to benefit from economies of scale by combining the 200- acre land which is adjacent to 700 acres held under Jendela Hikmat Sdn Bhd, a company in which Boustead Group and Lembaga Tabung Angkatan Tentera (LTAT) jointly hold 60 percent equity.
The company expects the acquisition of the 200 acres of land to generate a return on development cost of 25 percent from the RM160 million investment.
LTAT also defended the recent acquisitions , in a statement yesterday its chairman Admiral (Retired) Mohd Anwar Mohd Nor maintained that Boustead's corporate exercise was based on commercial reasons and not on other considerations.
He also said that no army funds were involved in the exercise.
"However, the Boustead Group was only able to conclude the final agreements in the third week of December, 2012 after prolonged negotiations with the respective parties," said the company.
It added that they expect to benefit from economies of scale by combining the 200- acre land which is adjacent to 700 acres held under Jendela Hikmat Sdn Bhd, a company in which Boustead Group and Lembaga Tabung Angkatan Tentera (LTAT) jointly hold 60 percent equity.
The company expects the acquisition of the 200 acres of land to generate a return on development cost of 25 percent from the RM160 million investment.
LTAT also defended the recent acquisitions , in a statement yesterday its chairman Admiral (Retired) Mohd Anwar Mohd Nor maintained that Boustead's corporate exercise was based on commercial reasons and not on other considerations.
He also said that no army funds were involved in the exercise.
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