Takeover offer of BPlant deemed as ‘reasonable’

The move by LTAT to immediately step into the void left by KLK is to provide support to Boustead Holdings Bhd’s own debt rationalisation plan.

PETALING JAYA: The takeover of Boustead Plantations Bhd (BPlant) by Lembaga Tabung Angkatan Tentera (LTAT) at an offer price of RM1.55 per share is deemed unfair, according to independent adviser Malacca Securities Sdn Bhd.

In a statement, the independent adviser said its decision was due to the offer price representing a discount of RM1.05 or 40.4% to the revalued net asset value of RM2.60 per BPlant share.