PETALING JAYA: The Armed Forces Fund Board (LTAT) has received the green light from Bank Negara for its proposal to privatise its 59.44%-owned Boustead Holdings Bhd.
In a statement, Boustead said LTAT received the central bank’s letter dated Aug 7 stating it had no objection for LTAT to commence negotiations with the company on the proposal.
On May 28, LTAT announced it was considering taking Boustead private at 80 sen per share.
Boustead’s shares closed 1.5 sen lower at 65.5 sen yesterday.
Boustead is the umbrella holding company for LTAT.
LTAT had its turnaround plan approved by its board of directors towards end-2019.
The plan is a culmination of various initiatives, combined to address targeted areas of the fund’s portfolio.
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