Boustead Projects will be delisted after its offeror, Boustead Singapore F9D , has received valid acceptances of around 90.69% of the total number of shares in the former on March 17.
With less than 10% of Boustead Project’s shares now held by the public, Boustead Singapore will proceed with its intention to privatise and delist the company from the SGX-ST.
Trading of shares in Boustead Projects has been suspended.
Boustead Singapore, on Feb 6, launched a voluntary unconditional offer for all the shares it did not own in Boustead Projects at 90 cents apiece.
The offer was revised to 95 cents per share on Feb 22.
In the offer document, Boustead Singapore said that it had no intention to try and lift any trading suspension by the SGX-ST. The offer document adds that the offeror “will not be able to avail itself of the powers of compulsory acquisition under Section 215(1) of the Companies Act following the completion of the offer”.
See also: Boustead Singapore closes exit offer for Boustead Projects shares
The offer’s deadline remains the same; it will close at 5.30pm on March 27.
Shares in Boustead Projects and Boustead Singapore closed at 95.5 cents and 84.5 cents respectively on March 20.
