The Singapore Exchange
Boustead intends to privatise and delist Boustead Projects from the exchange, closing its privatisation offer on March 27. It was granted three months extension until June 26, followed by another three-months extension until Sept 26 to explore options to comply with the listing rules.
As such, the exchange has directed the company to be delisted if its free float is not restored to at least 10% and it has to make a fair and reasonable exit offer to the shareholders.
The company must notify the exchange on its exit offer proposal no later than one month from Sept 26. Failure to comply with the requirements will be deemed to be a contravention of the listing rules, the exchange adds.
SIAS president and CEO David Gerald is supporting the exchange’s action, noting that there has been no response from the Boustead companies over the extension period.
Shares in Boustead closed 1 cent higher or 1.17% up on Sept 26 at 86.5 cents.
