BHB also clarified it has not bought out the shares of other BHPetrol shareholders nor made any prior announcements on the matter.

“We also have not appointed any adviser for the reported potential corporate transaction,” it said in response to a Bloomberg news report today on the sale of BHPetrol for RM2 billion (US$432 million).

BHB said it is focusing on its wide reset following the completion of the takeover by the armed forces pension fund (LTAT) and the de-listing from Bursa Malaysia.

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

“Our priority is to re-align strategically, optimise our portfolio and allocate resources to areas that offer higher potential returns, driving sustainable growth while maximising returns for our shareholders in a timely manner,” it added.

The pension fund holds 97.6% of Boustead’s shares, and will suspend trading from June 20, after which it will proceed with delisting, according to a previous stock exchange announcement.

BHPetrol has a network of about 400 retail service stations located throughout Peninsular Malaysia, selling premium-grade fuel and petroleum products as well as liquefied petroleum gas and lubricants.

BHB’s shares closed flat at 85.5 sen today, giving the group a market capitalisation of RM1.72 billion.