Wednesday, 17 July 2013

Boustead proposes to take REIT private

Boustead Holdings Bhd said it will privatise its Islamic plantation REIT, Al-Hadharah Boustead REIT at RM2.10 per share, It said the unit holders except for BPB will be offered a cash repayment and a special dividend amounting to a total of RM2.10 per unit. “This represents an attractive premium of 16.7% over the net asset value of Boustead REIT as at March 31, 2013 of RM1.80 per unit, or a premium of 13.5% above Boustead REIT’s five-day volume weighted average price of RM1.85 as at July 12, 2013,” it added. In a statement, Boustead, which is the parent company of Al-Hadharah said it will list an enlarged Boustead Plantations Bhd (BPB) via the consolidation of its plantation assets in an exercise aimed at unlocking value. (Starbiz)

Source: CIMB Daybreak - 17 July 2013

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