In its filing, SGX RegCo referred to its regulator’s column in July 2019 that detailed the things companies needed to do when applying to go private.

Some of the rules include a fair and reasonable exit offer, as well as the approval of at least 75% of the total number of issued shares held by independent shareholders were part of the conditions behind SGX’s approval to a voluntary delisting. The independent financial adviser (IFA) must also opine that the exit offer is both fair and reasonable.

On March 13, Boustead Projects’ IFA PrimePartners called the offer by Boustead Singapore “not fair” but “reasonable”.

Boustead Singapore had upped its privatisation offer to 95 cents per share from 90 cents initially.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/offer/challengers-majority-shareholder-exercises-right-compulsory-acquisition?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Challenger’s majority shareholder exercises right of compulsory acquisition</a></b></span>

Shares in Boustead Projects last traded at 95 cents before the loss of its free float while shares in Boustead Singapore closed 0.5 cents higher or 0.59% at 85 cents on March 22.

SGX RegCo says Boustead Projects has to restore free float

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