Boustead unveils demerger details

Singapore

ENGINEERING and technology group Boustead Singapore released details on Tuesday evening on its plans to unlock value for shareholders by spinning off its property arm.

In an announcement, Boustead said it plans to list its Boustead Projects (BP) segment on the Singapore Exchange (SGX) mainboard, holding on to at least 51 per cent of the segment while distributing up to 49 per cent of BP's shares to its shareholders as a dividend in specie.

Plans ahead for BP include the formation of an industrial real estate investment trust (Reit) "at the appropriate time" to unlock the value of its industrial property portfolio and f…