SGX welcomes Boustead Projects Limited to Mainboard

It’s the real estate business division of Boustead Singapore.

With three principal areas of business, Bousted Projects is set to continue its growth in local and international markets.

Singapore Exchange (SGX) today welcomed Boustead Projects Limited to Mainboard, under the stock code, “AVM”.

According to a media release by SGX, Boustead Projects is the real estate business division of Mainboard-listed Boustead Singapore, an award-winning global infrastructure-related engineering services and geo-spatial technology group.

Boustead Projects has three principal areas of business, namely design and build customised industrial and commercial properties, the development of industrial properties for lease or sale, and joint ventures and partnerships to develop and invest in industrial, commercial and other real estate projects. It has constructed and developed more than 80 projects in Singapore, Malaysia, Vietnam and China.

SGX adds that the listing of Boustead Projects follows the distribution of 49% of Boustead Projects’ shares to shareholders of Boustead Singapore on the basis of three Boustead Projects shares for every ten Boustead Singapore shares held.

Here's more from SGX:

Lawrence Wong, Head of Listings, SGX, said, “We are pleased to welcome Boustead Project to the Mainboard. With its own listing and history as part of Boustead Singapore, it’s well poised to leverage on our fund raising venue to further develop its business, a specialist industrial real estate company that has almost 20 years of experience. Its portfolio of properties and projects in Singapore and China will provide an interesting mix of investment focus for our investors. We look forward to seeing more real estate companies tapping Asia’s growing wealth through a listing on SGX.”

The listing of Boustead Projects brings the total number of SGX-listed property companies and real estate investment trusts to 80 with a total market capitalisation of more than S$180 billion.

Boustead Projects’ shares opened at S$0.88.

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