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Boustead Singapore revises privatisation offer for subsidiary Boustead Projects to 95 cents

The revised offer price of 95 cents is below Boustead Projects' last traded price of 99 cents

Boustead Singapore has heeded calls to improve its offer for separately-listed subsidiary Boustead Projects.

The engineering and property firm will now offer 95 cents to take its property-focused subsidiary private. This is 5 cents more than the original offer of 90 cents, but 4 cents below Boustead Projects’ last traded price of 99 cents.

According to Boustead Singapore after market closed on Feb 22, the revised offer price is final, unless there’s a “competitive situation.”

After Boustead Singapore made the initial offer, there have been suggestions that the original offer price, at just 0.7 times Boustead Projects' book value of $1.265 per share, is too low.

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SIAS president David Gerald has urged Boustead Singapore to improve its offer to a level nearer to Boustead Project’s book value.

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