...CORPORATE NEWS

Boustead Buys 70% Of BP Malaysia
For RM456m

Boustead Holdings Bhd had on 4 February 2005 reached a final agreement with BP Asia Pacific Pte Ltd to acquire a 70% stake in BP Malaysia Sdn Bhd for US$120 million (RM456 million).

BP Malaysia owns 245 service stations nationwide, a petroleum terminal, a liquefied petroleum gas (LPG) distribution network and a joint venture in two LPG plants.

The Group expects the proposed acquisition to contribute positively to the Groupís future earnings in view of the historical profit track record of BP Malaysia that has recorded an average annual operating pre-tax profit of RM60 million over the past five years.