According to BPlant’s filings with Bursa Malaysia today, UBS has acquired a 5.36% stake, or 120.06 million shares, in the plantation group.
The Swiss bank acquired 20.71 million shares in BPlant, or a 0.92% stake, on Nov 10, 2023, which raised its stake to 5.21%, or 116.67 million shares, past the 5% threshold that designates it as a substantial shareholder.
The filings did not reveal details of its acquisitions prior to Nov 10.
In a separate disclosure by UBS, the bank listed a series of acquisitions and disposals of BPlant shares by its wholly-owned units UBS AG and UBS O’Connor LLC between Nov 10 and Nov 30 that resulted in UBS ending up with the 5.36% stake.
These included an acquisition of 10.02 million shares by UBS AG on Nov 24 and a disposal of 7.78 million shares by UBS O’Connor LLC on Nov 30.
UBS’s statement said UBS AG and UBS O’Connor LLC had dealt in the shares of BPlant for its “own account or for the account of discretionary clients”.
UBS is now the third-largest shareholder in BPlant after LTAT with a 43.59% stake and Boustead Holdings Bhd (BHB) with 24.42%, followed by Kuala Lumpur Kepong Bhd (KLK) (3.09%).
Interestingly, the Swiss investment bank’s acquisitions on Nov 10 took place on the same day LTAT made an unconditional mandatory takeover offer for the BPlant shares it does not own, at RM1.55 per share. It eventually plans to take BPlant private.
This follows LTAT’s deal with BHB to acquire 739.2 million shares, or a 33% stake in BPlant, after a previous takeover bid by KLK to acquire a 33% stake for RM1.15 billion, or RM1.55 per share, collapsed in October.
KLK, which announced the plan on Aug 24, would extend a mandatory general offer to increase its stake to 65%. As part of the deal, LTAT and BHB would own the remaining 35%, with BPlant being taken private.
KLK’s plan was ultimately derailed by various opposition leaders who alleged the deal was at odds with the government’s goal of achieving Bumiputera corporate equity target of 30% by 2025.
BPlant’s shares ended one sen or 0.65% higher at RM1.55, valuing the group at RM3.47 billion.