Boustead Singapore Limited (SGX:F9D) made an offer to acquire 25.85% stake in Boustead Projects Limited (SGX:AVM) for SGD 72.9 million on February 6, 2023. As of February 22, 2023, the offer price per share has been increased to SGD 0.95 cash per share. The offer is unconditional in all respects. As of February 23, 2023, after an open market transaction on SGX-ST, the offeror owned 252,779,117 shares or 80.69% and accordingly percent sought is 19.31%. As of February 28, 2023, Boustead has received valid acceptances amounting to 319,352 Shares, representing approximately 0.10% of the total number of Shares. The closing date of offer is March 27, 2023. As of March 13, 2023, In connection with the electronic dissemination of the Offeree Circular, the Company has dispatched by ordinary post to Shareholders the notice of electronic dissemination of the Offeree Circular containing instructions for the electronic retrieval of the Offeree Circular. As of March 15, 2023, the offeror holds 82.96% stake after acquisition through SGX-ST. Accordingly percent sought is 17.04%. As of March 16, 2023, the offeror holds 83.49% stake after acquisition through SGX-ST. Accordingly percent sought is 16.51%. As of March 17, 2023, the offeror holds 83.57% stake after acquisition through SGX-ST. Accordingly percent sought is 16.43%. As of March 20, 2023, As stated in the Level of Acceptances Announcement, on March 17, 2023, the total number of (a) Shares owned, controlled or agreed to be acquired by the Offeror and parties acting in concert with it, and (b) valid acceptances of the Offer, amount to an aggregate of 284,081,151 Shares, representing approximately 90.69% of the total number of Shares. Percentage of Shares held by the public as on March 17, 2023 is approximately 9.31% and is therefore less than the requisite 10% of the total number of issued Shares excluding treasury shares) as required under Rule 723 of the Listing Manual of the SGX-ST. As of March 21, 2023, the offeror holds 83.64% stake after acquisition through SGX-ST. Accordingly percent sought is 16.36%. As of March 24, 2023, the offeror holds 83.68% stake after acquisition through SGX-ST. Accordingly percent sought is 16.32%.


Ernst & Young Corporate Finance Pte Ltd. acted as financial advisor to Boustead Singapore Limited. PrimePartners Corporate Finance Pte. Ltd. acted as financial advisor for independent directors of Boustead Projects Limited.

Boustead Singapore Limited (SGX:F9D) completed the offer to acquire stake in Boustead Projects Limited (SGX:AVM) on March 27, 2023. After closing of offer Boustead Singapore Limited (SGX:F9D) holds 95.50% stake in Boustead Projects Limited (SGX:AVM) and hence trading of Boustead Projects Limited (SGX:AVM) shares has been suspended effectively March 28, 2023.