Boustead Singapore makes 90 cent per share privatisation offer for Boustead Projects
The firm indicates that Boustead Projects’ engineering and construction (E&C) business had been struck by the Covid-19 pandemic, having been posting considerably lesser profits contrasted to historical revenue during the pre-pandemic duration.
It also exemplifies a premium of 15.2% over the last volume-weighted average price of the shares for the one-month period before and including the statement date.
As at Feb 6, Boustead Singapore exactly secures 171 million shares representing approximately 54.87% of the total amount of released percentages of Boustead Projects.
The proposed obtainment of the shares remains in line with Boustead Singapore’s objectives and continuous strategic reviews as well as objective to enhance its assets, companies, operations together with the business framework of the group.
Boustead Singapore has released a voluntary unconditional deal for all of the dividends in Boustead Projects it does not acquire for 90 cents each.
The company intends to privatise Boustead Projects and delist it from the Mainboard of SGX-ST.
Shares in Boustead Projects closed 0.5 cents higher or 0.6% up on Feb 6 at 84 cents.
The offer supplies a chance for investors to know their investment at a rates to overruling market prices, representing a costs of about 7.8% over the last traded cost per share as quoted on Feb 3.
It said the suggested procurement would allow for a simplification of the group structure as well as reduce organisational intricacy. This would later enable a clearer focus in procedures as well as boost competitiveness, enhancing investor valuation.
Boustead Singapore assumes that the suggested procurement would definitely permit it to concentrate on reconstructing its organization, also including its E&C business as a nonpublic minimal company without the additional obligations that include being a classified firm on the Mainboard of the SGX-ST.
