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Thursday August 10, 2006 - The
STAR, STARBIZ
BOUSTEAD
AWAITS SC NOD FOR ISLAMIC REIT LISTING
PETALING JAYA: Boustead
Holdings Bhd hopes to obtain approval from the Securities
Commission to list its Islamic real estate investment trust
(REIT) by December.
Boustead was in the process of
submitting its proposal for the Islamic REIT, said the group
managing director Tan Sri Lokdin Wok Kamaruddin.
"The Islamic REIT does not
involve properties. It is more about plantations involving
several performing states," he told reporters after
BHPetrol, under Boustead
Petroleum Sdn Bhd, launched its new fuel
infiniti yesterday.
Lodin said Boustead hoped to
increase BHPetrol's
share in the petrol retail sector from 8% to 10 % by 2008.
BHPetrol had contributed
handsomely to Boustead's bottom line since the conglomerate
acquired a 70% stake in BP Malaysia Sdn Bhd for RM456mil
nearly a year ago, he said.
"We can't announce the results
yet but it has contributed handsomely to the group," he
said.
To enlarge the market share,
Lodin said Boustead Petroleum had allocated RM30mil to
upgrade its 250 existing service stations.
"We are on target in re-imaging
all 250 stations by the end of the year," he said, adding
that 150 kiosks had been given a new look so far.
Lodin said Boustead Petroleum
also planned to open 10 to 15 new service stations in the
next few years.
He said seven new service
stations had been opened since the group acquired the stake
in BP Malaysia.
Commenting on
infiniti, Lodin said
Boustead Petroleum had spent RM1mil to develop the fuel and
committed a further RM1mil to promote the product.
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