Lembaga Tabung Angkatan Tentera (LTAT) has announced that the deadline for its privatisation bid, set at RM1.55 per share for Boustead Plantations Bhd (BPlant), will not be extended beyond January 5, 2024.

With LTAT having acquired more than 90% of BPlant's shares, it informs that Bursa Securities will halt trading within five days of the specified closing date, posing potential challenges for holders of unlisted shares.

As of January 3, LTAT possesses a 92.2% stake, equivalent to 2.07 billion shares, as reported in BPlant's bourse filing today.

The offer follows an unsuccessful RM1.15 billion takeover attempt by Kuala Lumpur Kepong Bhd in October 2023, and an independent adviser had previously characterised LTAT's offer as "not fair but reasonable."

BPlant's share price has remained stable at RM1.55 today, leading to an estimated valuation of RM3.47 billion for the company.