KUALA LUMPUR: Shares of Boustead Holdings Bhd tumbled over almost 17% in early trade Wednesday after Lembaga Tabung Angkatan Tentera (LTAT) called off its plan to take the former private at 80 sen a share. At 9.10am, the diversified group tumbled 16.90%, or 12 sen to 59 sen, its lowest in three months. It is one of the most actively traded counters with over 16.2 million shares traded. The armed forces superannuation fund decided not to pursue the privatisation of Boustead at this juncture, after taking into consideration the current challenging economic environment arising from the Covid-19 pandemic and the reimplementation of Movement Control Order. The proposed privatisation was floated in May last year, when LTAT said it would do so at an indicative price of 80 sen a share. In July 2020, the SC said it would give the fund board until Oct 27, 2020 to announce its firm intention on the proposal, which was subsequently extended to yesterday. Boustead said in view of this development, it was jointly agreed by both parties for the management of Boustead to focus on its newly crafted “Reinventing Boustead” strategy to rejuvenate the group. This strategy will involve value creation within the group’s existing core businesses, creatively changing business models, rationalising a few non-strategic assets, as well as venturing into the digital services and technology sector. Boustead group managing director Datuk Sri Mohammed Shazalli Ramly said the new initiatives to accelerate the reinvention of Boustead will be unveiled over the next few weeks.
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