BOUSTEAD Holdings Bhd, through subsidiary Boustead Mint Sdn Bhd, has reached an agreement to buy a 70% stake in BP Malaysia Sdn Bhd for RM456mil cash, subject to working capital requirements. The remaining 30% is held by Lembaga Tabung Angkatan Tentera (LTAT).
In a statement to Bursa Malaysia yesterday, Boustead Holdings said the acquisition of the BP Malaysia stake would enable it to gain a strategic partner from which it could tap expertise in the petroleum products retail business.
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