The Sun Daily
KUALA LUMPUR: Boustead Holdings Bhd said it would take its plantations REIT private for US$190 million, merge it with its plantations unit and then list the unit, seeking economies of scale at a time when crude palm oil prices are falling.
The conglomerate, whose businesses range from plantations to financial firms, offered to buy the 46.4% it does not own in its Al-Hadharah Boustead REIT for RM2.10 per unit, which combines a cash payment and a special dividend.
The price represents a 12.3% premium to its last closing price on Thursday. Al-Hadharah Boustead had asked for a trading halt on Friday pending this announcement.
The offer was also 16.7% higher than the REIT’s net asset value of RM1.80 per unit as of March 31.