KLK proposes RM1.15bil acquisition of 33% stake in Boustead Plantations

KUALA LUMPUR: Kuala Lumpur Kepong Bhd (KLK) has proposed to acquire 739.2 million shares in Boustead Plantations Bhd, representing 33% and one share of the total issued shares of the plantations firm from Boustead Holdings Bhd (BHB) for RM1.15bil (RM1.55 per share), which values the company at RM3.47bil.

BHB currently has a 57.42% stake in Boustead Plantations while Lembaga Tabung Angkatan Tentera (LTAT) holds a 10.59% stake in the company. BHB and LTAT will be left with an equity interest of about 35% in Boustead Plantations following the proposed acquisition.