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Boustead Holdings Bhd To Delist REIT; Plans To Float Plantation Business-DJ

Tuesday, 16 Jul 2013 02:52am EDT 

Dow Jones reported that Boustead Holdings Bhd said it plans to buy out its real estate investment trust as part of a broader plan that will lead to the eventual listing of its plantation business. Shareholders of Al-Hadharah Boustead REIT will receive the equivalent of MYR2.10 ($0.66) for every unit they hold, a premium of 16.7% over its net asset value, Boustead said in a statement. Boustead's plantation business is currently run by its unit Boustead Plantation Bhd. and its 53.6%-owned REIT unit. The REIT delisting is expected to be completed by the end of this year. The firm's plantation assets will be consolidated under Boustead Plantation, which will be listed on Bursa Malaysia, Mr. Lodin added, without specifying a time frame. 

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