Lembaga Tabung Angkatan Tentera (LTAT) made a volunteer take-over to acquire remaining 40.57% stake in Boustead Holdings Berhad (KLSE:BSTEAD) for approximately MYR 700 million on March 2, 2023. Under the terms, Lembaga Tabung Angkatan will acquire 823 million of shares at a price of MYR 0.855 per share in cash. Currently Lembaga Tabung Angkatan Tentera holds 59.42% stake in Boustead Holdings Berhad. Transaction is subject to approval from Minister of finance and Bank Negra Malaysia. UOB Kay Hian Securities (M) Sdn Bhd. acted as financial advisor to Lembaga Tabung Angkatan Tentera. As on 17 March 2023, Kenanga Investment Bank Berhad had, on behalf of BHB, submitted an application to the Securities Commission Malaysia for the extension of time until April 5, 2023 to submit the independent advice circular in relation to the Offer, and an extension of time until April 17, 2023 to issue the Independent Advice Circular to the holders of the Offer Shares. As of April 5, 2023, Lembaga Tabung Angkatan Tentera acquired 1.59 million shares of Boustead Holdings Berhad at 0.855 per share on April 4, 2023 through open market. As of April 6, 2023, Lembaga Tabung Angkatan Tentera acquired 2.66 milloin shares of Boustead Holdings Berhad at 0.855 per share on April 5, 2023 through open market. Kenanga Investment Bank Berhad (KLSE:KENANGA) acted as financial advisor for Boustead. The Offer will remain open for acceptance until Monday, May 22, 2023, being the First Closing Date. If the Offer remains conditional on the First Closing Date, the Revised BNM Condition must be fulfilled within 21 days after the First Closing Date, June 12, 2023. As of May 15, 2023, Lembaga Tabung Angkatan Tentera acquired 4.52 million shares through the open market at 0.855 per share. As of May 17, 2023, Lembaga Tabung Angkatan Tentera acquired 79.47 million shares. Offeror has received acceptance in respect of the Offer Shares, which result in the Offeror holding 90.49% stake in Boustead Holdings Berhad. As of May 18, 2023, the closing time and date for the acceptance of the Offeror has been extended from May 22, 2023, to June 12, 2023. Offeror has become unconditional on May 19, 2023. Lembaga Tabung Angkatan Tentera acquired 19.09 million shares through the open market at 0.855 per share and the Offeror holding is 91.09% in Boustead Holdings Berhad. As of May 22, 2023, Lembaga Tabung Angkatan Tentera acquired 2.187 million shares through the open market on May 19, 2023. As of May 26, 2023, Lembaga Tabung Angkatan Tentera acquired 1.78 million shares through the open market on May 25, 2023.

Lembaga Tabung Angkatan Tentera (LTAT) completed the acquisition of remaining 40.57% stake in Boustead Holdings Berhad (KLSE:BSTEAD) on June 12, 2023.