As a result of this transaction, Wong Fong Fui, chairman and group CEO of Boustead Singapore, saw his deemed stake in Boustead Projects increase from 231.5 million shares or 73.903% to nearly 232.1 million shares or 74.084%. Wong has led Boustead since 1996.
Boustead Singapore has raised its stake in its subsidiary company. On Dec 9, Boustead Singapore acquired on the open market 567,000 shares of Boustead Projects, which closed at 80 cents that day.
According to Boustead Projects’ annual report, Boustead Singapore holds around 170 million shares as at June 17 or around 54.26%.
