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Boustead’s suspension: A fight SGX cannot afford to lose

Ben Paul

Ben Paul

Published Thu, Apr 6, 2023 · 05:50 AM
    • SGX's credibility could be dented if it fails to get Boustead Singapore to make a "fair and reasonable" exit offer for Boustead Projects, or support the restoration of Boustead Projects' public float.
    • SGX's credibility could be dented if it fails to get Boustead Singapore to make a "fair and reasonable" exit offer for Boustead Projects, or support the restoration of Boustead Projects' public float. PHOTO: BT FILE

    IT HAS been more than a week since trading of shares in Boustead Projects was suspended, and the fate of minority investors who did not accept the lowball offer for the company is still unclear.

    On Tuesday (Apr 4), Boustead Projects said that its parent company Boustead Singapore requested it apply for an extension of time from the Singapore Exchange (SGX) to comply with Rule 724 of the Listing Manual – which states, among other things, that SGX may allow an issuer a period of three months to restore its public float, after which the issuer may be removed from the official list.

    Boustead Projects said that Boustead Singapore is now “exploring various options”. But the company offered no hint in its announcement as to what these options are.

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