KUALA LUMPUR, Aug 27 — Bank Negara Malaysia (BNM), has vide its letter dated August 7, 2020, stated that it has no objection for Lembaga Tabung Angkatan Tentera (LTAT) to commence negotiations with Boustead Holdings Bhd on the possible privatisation of the company.

LTAT owns 59.4 per cent of Boustead.

In a filing with Bursa Malaysia today, Boustead said it had received a press notice from LTAT which highlighted that the proposed privatisation was subject to, amongst others, the finalisation of the structure of the proposal, the requisite funding for the proposal,and the required regulatory approval(s) for the proposal.

“We wish to highlight that, according to the press notice issued by LTAT, notwithstanding the above, the proposal is still subject to other regulatory approval(s) required for the proposal, and the press notice issued by LTAT does not amount to a firm intention by LTAT to undertake the proposal.

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“Accordingly, there can be no certainty that LTAT will proceed with the proposal,” it said, adding that there has been no material development in respect of the proposal. — Bernama