Boustead Projects to delist on Feb 9

BOUSTEAD Projects will be delisted from the mainboard of the Singapore Exchange (SGX) effective 9 am on Feb 9, 2024, it announced on Wednesday (Feb 7).

News of the real estate solutions provider’s delisting date comes after it received a Feb 6 letter from SGX’s regulatory arm that it had no objections to the proposed delisting.

Boustead Projects is delisting with no compulsory acquisition after its parent company, Boustead Singapore, failed to acquire 90 per cent of its non-controlled shares at the final close.

The exit offer received valid acceptances of only 89.36 per cent as at the offer’s close on Jan 26 this year, with Boustead Singapore failing to acquire non-controlled shares held by Wong Yu Wei, Patricia Huang, Chong Ngien Cheong and public minority shareholders.

With the valid acceptances, Boustead Singapore and its concert parties now control about 99.45 per cent of Boustead Projects.

Boustead Singapore was unchanged at S$0.865 as at 11.33 am on Wednesday, after the news of Boustead Projects’ delisting date. Shares of Boustead Projects remain suspended.