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Article: Boustead expects RM1.3b from rights, disposals
- Article from:
- New Straits Times
- Article date:
- July 30, 2009
- Author:
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Hamisah Hamid
New Straits Times
07-30-2009
Boustead expects RM1.3b from rights, disposals
Byline: Hamisah Hamid
Edition: Main/Lifestyle
Section: Business Times
Type: Company
CONGLOMERATE Boustead Holdings Bhd expects to raise about RM1.3 billion by the end of this year from a rights issue and the sale of existing businesses to cut debt and fund expansion.
Boustead, owned by the Armed Forces Fund, is in the process of selling its Indonesian oil palm estates as well as its insurance business under BH Insurance (M) Bhd (BHI).
Group managing director Tan Sri Lodin Wok Kamaruddin said the sale of the 17,000ha plantation and stake in BHI are expected to generate some RM600 million. It expects to ...