KUALA LUMPUR: Boustead Plantations Bhd (BPlant) and Kuala Lumpur Kepong Bhd (KLK) shares were up in morning trade after an initial deal for KLK to buy into BPlant fell through, and Armed Forces Fund Board (LTAT) announced plans for a general offer for BPlant instead.
In a filing with Bursa Malaysia Securies Bhd today, BPlant said that it has received a letter from LTAT informing of its intention to make an offer for BPlant shares at the offer price of RM1.55 per share.
"LTAT will make the relevant announcement or notification as and when required in accordance with the requirements of Bursa Malaysia, Securities Commission Malaysia and any other relevant authorities," it said in the stock exchange filing.
BPlant also advised its shareholders to exercise caution "when dealing in the ordinary shares of BPlant and to seek appropriate advice if they wish to do so as BPlant has not received any firm offer relating to the general offer."
As at 12.30pm, BPlant' share price gained 8.7 per cent, or 11 sen, to RM1.38, giving it a market capitalisation of RM3.09 billion.
While KLK's share price also increased two sen to RM21.54, valuing the company at RM23.24 billion.
Yesterday, LTAT, BHB, and KLK reached a mutual decision to abandon KLK's planned RM1.15 billion acquisition of a 33 per cent stake in BPlant.
© New Straits Times Press (M) Bhd
from New Straits Times https://ift.tt/pBObnqE
0 Comments