SGX orders Boustead Projects to delist

The company failed to restore its public float to at least 10%.

The Singapore Exchange has directed Boustead Projects to delist after it failed to restore its public float to at least 10%.

The bourse granted the Boustead Projects three months, from 4 April to 26 June, and a three-month extension until 26 September to comply with listing rules and restore its free float, but the company failed to do so.

SGX has ordered the company to make an exit offer to its shareholders.

“The exit offer must be fair and reasonable and include a cash alternative as the default alternative. The independent financial advisor  (IFA) must also opine that the exit offer is fair and reasonable,” SGX said.

PrimePartners Corporate Finance is Boustead’s IFA.

The company must make its exit offer proposal to SGX no later than one month from 26 September.