SINGAPORE - Boustead Singapore has been granted a conditional eligibility to list up to 320 million shares in its wholly-owned Boustead Projects (BP) subsidiary on the Singapore Exchange mainboard, it said on Wednesday.

It had said on Dec 23 that it intends to spin off its property arm, to unlock shareholders' value and better enable the various management to focus on their core business.

Boustead will hold on to at least 51 per cent of the unit while distributing up to 49 per cent of BP's shares to its investors as a distribution in specie.

The BP Group intends to expand its portfolio of industrial properties held for sale or lease, and consider at the appropriate time the formation of an industrial real estate investment trust, it said at the time.

The BP Group recorded a half year profit of about $14.2 million, with a revenue of about $107.3 million for the six months ended Sept 30.

Boustead shares closed up one cent at $1.72 on Wednesday.