Boustead Singapore makes 90 cent per share privatisation offer for Boustead Projects

Boustead Singapore believes that the proposed acquisition would certainly allow it to pay attention to reconstructing its organization, including its E&C company as an exclusive limited company without the added commitments that include being an indexed firm on the Mainboard of the SGX-ST.

It pointed out the proposed procurement would undoubtedly enable a simplification of the organization construct as well as reduce organisational intricacy. This would later allow for a sharper concentration in undertakings and increase competitiveness, enhancing investor valuation.

The business intends to privatise Boustead Projects and even delist it from the Mainboard of SGX-ST.

The offer provides a chance for shareholders to realise their investing at a rates to prevailing selling price, representing a rates of about 7.8% over the last market rate per allotment as estimated on Feb 3.

The proposed obtainment of the shares remains in involvement with Boustead Singapore’s intentions also continuous strategic testimonials as well as objective to simplify its assets, businesses, transactions and the company framework of the group.

It even stands for a premium of 15.2% over the last volume-weighted average cost of the shares for the one-month duration before and including the news date.

Canninghill Piers Singapore

The company considers that Boustead Projects’ engineering and construction (E&C) company had been affected by the Covid-19 pandemic, having been posting significantly lower profits contrasted to historical revenue throughout the pre-pandemic duration.

Boustead Singapore has introduced a voluntary unquestionable deal for all of the stakes in Boustead Projects it does not manage for 90 cents each.

As at Feb 6, Boustead Singapore precisely holds 171 million allotments representing around 54.87% of the complete number of provided percentages of Boustead Projects.

Shares in Boustead Projects closed 0.5 cents much higher or 0.6% up on Feb 6 at 84 cents.

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