Boustead Holdings Berhad (KLSE:BSTEAD) clarified that it has not made any share purchase from the other shareholders of Boustead Petroleum Marketing Sdn. Bhd., also known as BHPetrol, nor made any prior announcements on the matter. In a statement June 15, 2023, the conglomerate said BHB have not had any material discussion to date on the matter.

We also have not appointed any adviser for the reported potential corporate transaction as alleged, it said in response to speculation on the sale of BHPetrol. BHB said it is focusing on its wide reset following the completion of the take-over by Lembaga Tabung Angkatan Tentera (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, optimize our portfolio and allocate resources to areas that offer higher potential returns, driving sustainable growth while maximizing returns for our shareholders in a timely manner, it said. It was reported that BHB is considering divesting its gas stations in Malaysia and is seeking as much as MYR 2 billion (USD 432 million).