ENGINEERING-services company Boustead Singapore has been granted a 45-day extension by the Singapore Exchange Regulation (SGX RegCo) to submit an update for its exit-offer proposal, the company said in a bourse filing on Tuesday (Oct 3).

This puts the deadline at Nov 14, with the date falling 45 days from Sep 30, the end of the first half of its financial year ending Mar 31, 2024.

The extension is subject to two conditions set by SGX RegCo, Boustead said.

First, the company has to provide a progress update on its compliance with the notice of compliance within two weeks of Tuesday. Second, the company has to disclose the reasons it is seeking the extension.

The notice of compliance, issued to Boustead on Sep 26, had directed the company to be delisted if its free float is not restored to at least 10 per cent on or before Sep 26. It was also asked to make a fair and reasonable exit offer to its shareholders.

Boustead said it will update shareholders on material developments on the exit offer proposal, when appropriate.

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The company’s shares rose S$0.005, or 0.59 per cent, to close at S$0.85 on Tuesday.