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Boustead surges 12.8% on the back of Reit listing application

Boustead surges 12.8% on the back of Reit listing application

By Swedan Margen

Fashion

The counter shoots up to S$1.68 as at 10.07 am, gaining S$0.19 from its previous close

Shares of engineering and technology group Boustead Singapore surged 12.8 per cent on Wednesday (Sep 3) after it said it had applied to list a real estate investment trust (Reit) on the Singapore Exchange on Tuesday.

The counter shot up to S$1.68 as at 10.07 am, just over an hour after the market opened, gaining S$0.19 from its previous close.

The company’s Reit portfolio will include its Singapore logistics and industrial real estate assets, as well as other properties not held by Boustead.

Its application was on behalf of UIB Holdings, the proposed sponsor of the Reit, in which the group has 20 per cent interest through Boustead Projects.

The company revealed in June that it was conducting “strategic reviews” for the sale of its stakes in some of its logistics and industrial real estate assets to a Reit.

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Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.

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