Boustead Singapore has garnered 86.55% of Boustead Projects shares

BOUSTEAD Singapore , the acquirer of Boustead Projects, updated in a bourse filing that it has garnered 86.55 per cent of the total number of shares in its mainboard-listed real estate subsidiary.

In the filing by the listed acquirer on Friday (Mar 10), the total number of shares owned, controlled or agreed to be acquired by Boustead Singapore and its concert parties as well as valid acceptances of the offer amounted to 86.55 per cent as at 6 pm that day.

The offer to acquire Boustead Projects at S$0.95 a share – raised from the initial price of S$0.90 – was launched in February. Boustead Singapore has stated that it intends to take Boustead Projects private and seek a delisting, should the option become available.

While Boustead Singapore noted earlier that it would not exercise the powers of compulsory acquisition – which usually kicks in when an offeror has received valid acceptances of over 90 per cent the total number of shares – trading in Boustead Projects will, however, be suspended when the free float drops below 10 per cent of the total number of shares.

Boustead Singapore also stated that it has no intention to undertake or support any action for any trading suspension to be lifted.

Boustead Projects’ share price was flat at the offer price of S$0.95 while Boustead Singapore dropped 2.3 per cent to S$0.86 at market close on Friday.