Boustead Holdings Bhd's shares, which were previously affected by the fall of its subsidiary Pharmaniaga Bhd, rocketed over 30% in today's trading session.
This follows the plan of the Armed Forces Fund Board (LTAT) to take over the conglomerate.
Boustead became the top gainer on the Bursa, jumping 20 sen or 30.53% to 85.5 sen at this morning's opening, with a market value of RM1.72 billion.
LTAT submitted a voluntary takeover offer to obtain the remaining 822.51 million shares of Boustead or the 40.58% holding it does not own at 85.5 sen per share or a cumulative RM703.25 million.
Not only that, the armed forces pension fund is also planning to take over the company personally.
Even so, the offer is subject to the approval of the finance ministry on the recommendation and Bank Negara Malaysia (BNM) under Section 87 of the Financial Services Act 2013 (FSA) and Section 99 of the Islamic Financial Services Act 2013 (IFSA).
The offer comes in the wake of Boustead's huge quarterly loss of RM402 million, after being hit by a sharp decline in Pharmaniaga Bhd's earnings report.
