Boustead Singapore submits regulatory applications for REIT listing to MAS and SGX

SINGAPORE: Boustead Singapore has submitted regulatory applications for the proposed real estate investment trust (REIT) listing of some of its assets to the Monetary Authority of Singapore (MAS) and the Mainboard of the Singapore Exchange (SGX-ST), The Edge Singapore reported.

In a bourse filing on Tuesday (Sep 2), the company said the proposed sponsor of the REIT is UIB Holdings, and the company, through its Real Estate Solutions arm Boustead Projects Limited, holds an effective shareholding of about 20% in UIB.

The company said the initial public offering (IPO) and listing would depend on market conditions, commercial negotiations, and approvals from regulators and shareholders, among others. It also noted that no decision has been made on whether the transaction will proceed, and there is no certainty that the IPO will proceed, as material processes are still ongoing.

“The company will make the necessary announcements on SGXNET in the event that there are any material developments,” it added.

On Jun 12, Boustead announced that it was carrying out strategic reviews for the possible sale of its stake in its Singapore logistics and industrial real estate assets to a REIT to be listed on SGX-ST. /TISG

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