Boustead Singapore makes 90 cent per share privatisation offer for Boustead Projects
The offer provides an opportunity for investors to realise their investment at a rates to prevailing selling price, speaking for a rates of about 7.8% over the last traded cost per allotment as priced estimate on Feb 3.
The offered obtainment of the shares operates in line with Boustead Singapore’s objectives also continuous decisive evaluations and also strictly business to streamline its investments, companies, transactions and the business structure of the organization.
The company intends to privatise Boustead Projects and delist it from the Mainboard of SGX-ST.
Boustead Singapore has recently launched a voluntary unquestionable special offer for all the stakes in Boustead Projects it does not own for 90 cents each.
The company considers that Boustead Projects’ engineering and construction (E&C) business had definitely been affected by the Covid-19 pandemic, having been promoting substantially lesser revenues compared to historic profit during the pre-pandemic time period.
Boustead Singapore assumes that the recommended procurement would definitely permit it to focus on restoring its company, also including its E&C enterprise as an exclusive limited business without the additional commitments that feature being an indexed business on the Mainboard of the SGX-ST.
It said the recommended acquisition would certainly allow for a simplification of the group structure and reduce organisational intricacy. This would later allow for a sharper emphasis in operations and also raise competition, boosting investor value.
As at Feb 6, Boustead Singapore exactly secures 171 million allotments standing for roughly 54.87% of the complete number of provided percentages of Boustead Projects.
It even represents a premium of 15.2% over the last volume-weighted average price of the shares for the one-month period prior to and consisting of the news date.
Shares in Boustead Projects closed up 0.5 cents much higher or 0.6% up on Feb 6 at 84 cents.