Boustead Projects

[ghchua]

The offeror owns 95.5% stake at the close of the offer today. It's not going to restore the free float, nor can it delist through an exit offer as it does not meet the "fair and reasonable" requirement. Interesting to see how it breaks the jam.

Anybody knows if there is such a precedent before?

Yes. My experience with another formerly listed SGX company named Raffles United.

First attempt, unsuccessful, cannot delist. Second attempt, set up a shell company to do another GO. Offer is deemed not fair but reasonable, but no problem since it reached compulsory acquisition level and delist.