Boustead shares jump 12% after company files for listing of logistics, industrial Reit
Sign up now: Get ST's newsletters delivered to your inbox
Boustead Singapore said in June that it was conducting “strategic reviews” for the sale of its stake in some of its logistics and industrial real estate assets to a Reit.
PHOTO: BOUSTEAD SINGAPORE
Follow topic:
SINGAPORE – Boustead Singapore has applied to list a real estate investment trust (Reit) on the Singapore Exchange – with a portfolio that includes its Singapore logistics and industrial real estate assets as well as other properties not held by the group.
Its shares jumped after the news, with the stock up 12.1 per cent, or 18 cents, to $1.67 as at 10.06am on Sept 3.
In a bourse filing on Sept 2, the engineering and technology group said the application was on behalf of UIB Holdings – the proposed sponsor of the Reit. Boustead holds a 20 per cent interest in UIB through Boustead Projects.
The update comes nearly three months after the company said in June that it was conducting “strategic reviews” for the sale of stakes in some of its logistics and industrial real estate assets to a Reit.
Boustead reiterated that the initial public offering and listing are subject to market conditions and negotiations with various counterparties, the relevant regulatory body and its shareholders. THE BUSINESS TIMES
