Bank Negara Malaysia (BNM), in a letter dated Aug 7, stated it has no objection for the Armed Forces Fund Board (LTAT) to commence negotiations with Boustead Holdings Bhd on the possible privatisation of the company.
LTAT owns 59.4 percent of Boustead.
In a filing with Bursa Malaysia today, Boustead said it had received a press notice from LTAT which highlighted that the proposed privatisation was subject to, amongst others, the finalisation of the structure of the proposal, the requisite funding for the proposal, and the required regulatory approvals for the proposal.
"We wish to highlight that, according to the press notice issued by LTAT, notwithstanding the above, the proposal is still subject to other regulatory approvals required for the proposal, and the press notice issued by LTAT does not amount to a firm intention by LTAT to undertake the proposal.
"Accordingly, there can be no certainty that LTAT will proceed with the proposal," Boustead stated, adding that there has been no material development in respect of the proposal.
- Bernama
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