Boustead Projects granted another 3 months to comply with public float rule
Yong Jun Yuan
BOUSTEAD Projects has been granted yet another three-month extension until Sep 26, 2023 to comply with the public float rule, which requires at least 10 per cent of the company’s shares to be in public hands.
In a bourse filing on Monday (Jun 26), the company said that it continues to “explore options” that will enable it to comply with the listing rule requirements.
The earlier three-month extension expired on Monday.
Boustead Singapore had acquired 95.5 per cent of the company’s shares when its privatisation offer closed. Trading in the latter’s shares was later suspended from Mar 28.
Singapore Exchange Regulation (SGX RegCo) had earlier said in March that the company must restore its free float after its parent company, Boustead Singapore, could not avail itself of the powers of compulsory acquisition under the Companies Act.
For the company to have been delisted, Boustead Singapore had to produce an offer that was deemed fair and reasonable, or acquire at least 75 per cent of independent shareholders’ shares.
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Boustead Projects’ appointed independent financial adviser had found that the offer was “not fair but reasonable”. Its raised offer of S$0.95 per share was also deemed by the Securities Investors Association (Singapore) to be too low.
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