Boustead Holdings Denies Report On Sale Of BHPetrol

Reports have circled the internet about Boustead Holdings Bhd considering divesting its petrol stations in Malaysia, seeking as much as RM2 billion.

Bloomberg stated that the Kuala Lumpur-based conglomerate is working with an adviser to sell Boustead Petroleum Marketing Sdn., also known as BHPetrol. It is said that oil and gas companies as well as investment firms have shown interest in the deal, asking not to be identified as the process is private.

According to the report by Bloomberg, Boustead’s decision to pursue a sale may still change as discussions continue. Boustead is now delisting, thus the company is entirely focused on adhering to legal regulations and meeting its duties to stakeholders.

In addition to that, the report also states that LTAT is taking Boustead private. According to a stock exchange announcement, the pension fund holds 97.6% of the conglomerate’s shares and will suspend trading from June 20, after which it will proceed with delisting.

However, in a more recent report, Boustead Holdings Bhd has denied a news report that the company is considering divesting its petrol stations in Malaysia. Instead, Boustead claimed that there had been no significant conversations regarding the sale of BHPetrol up to this point.

“The company has not appointed any adviser in connection with this matter,” it said in a statement.

Boustead made it clear that it had not bought any shares from BHPetrol’s other stockholders and had not previously made any comments about such a deal.

The business’s current priorities, according to Boustead, are the group-wide reset following Lembaga Tabung Angkatan Tentera’s (LTAT) takeover and the upcoming de-listing of the company.

“We will announce in due course the transformation plans of the group in line with our commitment to transparency.

“Our priority is to re-align strategically, optimise our portfolio and allocate resources to areas that offer higher potential returns, driving sustainable growth while maximising returns for our shareholders in a timely manner,” it added.

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Timothy Prakash

Fuelled by cigarettes, coffee and 90's rock music

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