Boustead denies it is seeking to sell BHPetrol

KUALA LUMPUR: Boustead Holdings Bhd (BHB) has clarified that it has not had any material discussions with any parties pertaining to the alleged sale of Boustead Petroleum Marketing Sdn Bhd (BHPetrol).

In a statement, the company said this was in response to a news wire story that it is proposing to divest its petrol stations in Malaysia for RM2bil.

“We wish to provide clarifications on the speculation based on unnamed sources in the article.

“It must be stressed that we have not had any material discussion to date on this matter and have not appointed any adviser for the reported potential corporate transaction as alleged.”

BHB also clarified that it had not made any share purchase from the other shareholders of BHPetrol nor has it made any prior announcements on the matter.

“We are fully focused on the group-wide reset following the completion of the take-over by Lembaga Tabung Angkatan Tentera and the delisting of BHB.

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

BHB said its priority is to realign strategically, optimise its portfolio and allocate resources to areas that offer higher potential returns, driving sustainable growth while maximising returns for our shareholders in a timely manner.