KUALA LUMPUR: Boustead Holdings Bhd has received approval from the Securities Commission for the proposed listing of its wholly-owned unit, Boustead Plantations Bhd (BPB), on the main board of Bursa Malaysia.
“The proposed listing will see the group consolidating its plantation assets under BPB, which allows greater economies of scale and streamline operations to optimise performance,” Boustead Holdings said in a statement.
Upon listing, BPB’s total enlarged share capital will hit RM800 million, with 1.6 billion shares, it said. The proposed listing consists of 580 million new shares for retail and institutional investors as well as 76 million existing shares under the offer for sale from its parent company.
“In line with our long-term strategy to unlock the value of our investments, this listing will allow us to strengthen our prospects in the plantation sector,” said Boustead Holdings deputy chairman and group managing director Tan Sri Lodin Wok Kamaruddin. — Bernama