Boustead surges 12.8% on the back of Reit listing application
The counter hit an intraday peak of S$1.72 as at 1.42 pm, gaining S$0.23 from its previous close
[SINGAPORE] Shares of engineering and technology group Boustead Singapore surged as much as 15.4 per cent on Wednesday (Sep 3) after it said it had applied to list a real estate investment trust (Reit) on the Singapore Exchange on Tuesday.
The counter hit an intraday peak of S$1.72 as at 1.42 pm, gaining S$0.23 from the previous day, before paring some of the gains to close 12.8 per cent up at S$1.68. Nearly five million shares changed hands across the day.
The company’s Reit portfolio will include its Singapore logistics and industrial real estate assets, as well as other properties not held by Boustead.
Its application was on behalf of UIB Holdings, the proposed sponsor of the Reit, in which the group has 20 per cent interest through Boustead Projects.
The company revealed in June that it was conducting “strategic reviews” for the sale of its stakes in some of its logistics and industrial real estate assets to a Reit.
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