By Sharon Kam
Becoming trendsetters — that is how Boustead Properties Bhd director Datuk Ghazali Mohd Ali describes its successful Mutiara Damansara development in Petaling Jaya, Selangor. This is the fourth time that Boustead Properties has made it to the Top 10 of The Edge Top Property Developers Awards. This year, it took the 10th position. (On Aug 8 this year, the property arm of Boustead Holdings Bhd was taken private.)
by Yantoultra Ngui Yichen
Email us your feedback at fd@bizedge.comKUALA LUMPUR: Boustead Holdings Bhd (BHB) is offering RM5.50 per share via cash or share swap in its voluntary takeover (VTO) offer for its 65%-owned subsidiary Boustead Properties Bhd (BPB), representing an 18.53% premium over the latter’s last traded price of RM4.64.
It is offering to acquire the remaining 89.3 million shares in BPB for a total of RM491.15 million and all outstanding RM35 million redeemable convertible bonds (RCB) at RM1.33 per RCB for a total of RM46.55 million. The total consideration amounts to RM537.7 million.
In lieu of cash, BPB shareholders could opt to receive BHB shares at an issue price of RM6.25 per share on the basis of 0.88 BHB share for every Boustead Properties share or 0.21 BHB share for every RCB unit.
The offer price of RM5.50 per share is a 30.95% premium to BPB’s five-day weighted average market price up to May 13 of RM4.20 and a 4.56% premium to the audited net asset per share of RM5.26 as at March 31, 2008.
BHB said yesterday that Lembaga Tabung Angkatan Tentera (LTAT), which holds an 8.6% stake comprising 21.94 million shares in BPB, had given its irrevocable undertaking to accept the offer. LTAT is the largest shareholder in BHB, owning a 57.5% stake comprising 361.7 million shares in the group.
