Barefoot Investor: Updated LTAT to make offer for Esso?

KUALA LUMPUR: The superannuation fund, Lembaga Tabung Amanah Tentera (LTAT) is reported to be keen on buying the 65% stake in ESSO MALAYSIA BHD despite that ExxonMobil International had agreed to sell the stake to San Miguel.

Esso shares were down three sen to RM4 at 3.51pm on Friday, Aug 19, after the 18.6% share price tumble on Thursday after ExxonMobil announced the sale of the stake at RM3.50 per share. The shares had surged to RM4.95 on Wednesday.

A report by Berita Harian that the LTAT is keen to buy the stake seems to have provided some support for the shares when compared to the broader market and the fall on the 30-stock FBM KLCI.

The KLCI is down 23.64 points to 1,479.66. Turnover is 702.17 million shares valued at RM1.57 billion. Losers hammered gainers 695 to 83.

The Berita Harian said the LTAT was still keen on acquiring the Esso stake and it could offer as much as RM5.20 per share. Esso's net asset per share is RM3.28.

In April, The Edge FinancialDaily reported that BOUSTEAD HOLDINGS BHD and LTAT were believed to be eyeing the 65% stake. Esso’s 580 Esso and Mobile service stations across the country would have complemented Boustead’s own BH Petrol 300 service stations. (


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