Mindef has no plans to sell stake in Boustead Plantations, Parliament told

KUALA LUMPUR: The Defence Ministry (Mindef) has no plans to dispose of its stake in Boustead Plantations Bhd, the Dewan Rakyat heard.

The stake is held by Mindef through the Armed Forces Board (LTAT).

“LTAT is studying Boustead Plantations’ future directions to determine the company’s strategic direction and spur the country’s performance to a better level,” Defence Minister Datuk Seri Mohamed Khaled Nordin said in a written parliamentary reply.

“This measure is important to value add and realise the real potential of Boustead Plantations to make it a competitive asset which will generate sustainable returns in the long-term,” he added.

He was responding to a question by Datuk Radzi Jidin (PN-Putrajaya) on whether the ministry has plans to dispose of its stake in the company following its delisting from Bursa Malaysia.

Boustead Plant was delisted from Bursa Malaysia on Jan 23.

LTAT issued a notice on unconditional mandatory takeover offer for all the remaining shares in Boustead Plantations Bhd that are not already held by LTAT for a cash price of RM1.55.