Boustead Singapore, Boustead Projects in talks on exit offer proposal
On 26 September, SGX ordered Boustead Projects to delist.
Boustead Projects Limited (BPL) said it is "in discussions" with Boustead Singapore Limited (BSL) to furnish an exit offer compliant with the Singapore Exchange's directives.
SGX has ordered BSL to make a "fair and reasonable" exit offer, which "includes a cash alternative as the default alternative."
In a bourse filing, BPL said it "intends to take the necessary actions to implement the transactions contemplated by the SGX RegCo’s directives as set out in the delisting notice."
On 26 September, SGX ordered Boustead Projects to delist after it failed to restore its public float to at least 10%.
BSL will have until 14 November to submit its exit proposal for BPL.