THE closing date for Boustead Singapore’s cash exit offer for its real estate unit, Boustead Projects, has been extended from 5.30 pm on Dec 27 to the same time on Jan 10, 2024.

On Tuesday (Dec 26), Boustead Singapore said the group and its concert parties received valid acceptances amounting to 309,385,609 shares, or 98.76 per cent of the total number of Boustead Projects shares.

This comes after Boustead Singapore received valid acceptances amounting to 10,306,260, or 3.29 per cent of Boustead Projects, as at 6 pm on Dec 22 for its exit offer priced at S$1.18 per share.

Shares held by Boustead Singapore and its concert parties, before the offer was launched on Nov 14, amounted to a 95.49 per cent interest in the company.

Boustead Singapore : F9D 0% closed last Friday (Dec 22) flat at S$0.85, while Boustead Projects : AVM 0% remains suspended from trading.

In February, Boustead Singapore launched its offer to acquire Boustead Projects at S$0.90 per share in a deal that was not extended to Boustead Singapore’s chairman and group chief executive Wong Fong Fui and his children. 

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This was later raised to S$0.95 per share, which was deemed “not fair but reasonable” by Boustead Projects’ independent financial adviser for the deal, PrimePartners.

Boustead Projects shareholders were advised by the Securities Investors Association Singapore or Sias to reject the offer unless the offer price was raised to a “fair and reasonable” amount.

The real estate unit subsequently lost its free float of 10 per cent following acceptances of the S$0.95 per share offer, leading to the counter’s suspension. It was directed by Singapore Exchange to either restore its free float, or provide shareholders with an exit offer that is both fair and reasonable.

In November, Boustead Singapore made an unconditional cash exit offer for Boustead Projects at the latest offer price of S$1.18 per share. This higher price was also being offered to Wong and his children, who collectively held a 19.97 per cent stake in Boustead Projects.