You are here

Update: Boustead Singapore looking at spinning off real estate solutions business

BOUSTEAD Singapore is proposing the demerger of its real estate solutions business which would be consolidated under its wholly-owned subsidiary Boustead Projects, with an eye on listing shares in Boustead Projects on the mainboard of the Singapore Exchange.

The restructuring would also involve a distribution in specie to Boustead shareholders of shares in Boustead Projects.

The firm highlighted in a release to the Singapore Exchange on Tuesday that its real estate solutions business is presently carried out largely by Boustead Projects and its subsidiaries. It added that the proposed transactions would unlock value for shareholders, in addition to allowing them to participate directly in the equity of Boustead Projects.

Boustead also stressed that it is still studying plans, which remain at a preliminary stage.

"No decision has been made as to whether the proposed transactions will take place and the details relating thereto, including the terms of the proposed distribution," it said on Tuesday.