IN THE INTEREST OF SHAREHOLDERS
KUALA LUMPUR , July 18, 2008 –
Boustead Holdings Berhad (BHB) is on course with its plan to successfully
complete its privatisation of Boustead Properties Berhad (Boustead
Properties). This significant corporate exercise is part of the
Group’s effort to streamline and drive the Group’s growth.
As of 5.00pm, 17 July, 2008, BHB
is in control of 97.4% of Boustead Properties. Hence, it only has
a mere 2.6% to acquire. The remaining Boustead Properties shareholders
who have yet to accept this attractive offer have been given until
24 July 2008 and BHB is confident these shareholders will indeed
seize this attractive opportunity.
The offer for shareholders to take
this up is now deemed unconditional. All shareholders will begin
to receive payment for their shares or receive their BHB share entitlement
over the next 21 days effective 16 July, 2008.
YBhg Tan Sri Dato’ Lodin Wok Kamaruddin,
Group Managing Director, Boustead Holdings Berhad said, “We are
glad with the very strong and positive response from our shareholders.
We have been given to understand by our advisors that the small
portion of shareholders who have yet to accept this offer are in
the process of doing so. On this premise, we would like to accommodate
them to provide them with sufficient time to take up our offer.”
“With the take-over plans of Boustead
Properties firmly in place, we are confident we will grow organically
and at the same time further strengthen our business. This will
be complemented by the synergies in terms of consolidation of assets
within the larger BHB Group,” he concluded.
BHB launched a voluntary take-over
of Boustead Properties on 5 June 2008 where Boustead Properties
shareholders were offered a premium of 31% above the company’s five-day
weighted average market price with a strike price of RM5.50 compared
to the said market average of RM4.20.
Boustead Properties is primarily
involved in property development, property investment, hotels and
plantations. Its signature property developments are Mutiara Damansara,
Selangor and Mutiara Rini, Johor. In addition, it is the developer
and owner of one of Malaysia’s leading lifestyle shopping malls,
on behalf of: Boustead Holdings Berhad-----
By: acorn communications sdn bhd
For further information, please call:
Ng Siew Yen at 012 222 2610 or Reshvinder
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