Boustead applies on behalf of UIB Holdings for IPO and listing of Reit that includes its assets

[SINGAPORE] Boustead Singapore has applied to the authorities to publicly list a real estate investment trust (Reit) that will include part of its assets.

The engineering and technology group said in a bourse filing on Tuesday (Sep 2) that its application is on behalf of UIB Holdings, which is the proposed sponsor of the Reit. Boustead added that it holds approximately 20 per cent effective shareholding in UIB.

The application was made to the Singapore Exchange Securities Trading and the Monetary Authority of Singapore.

The initial public offering (IPO) portfolio is proposed to include Boustead’s stakes in some of its Singapore logistics and industrial real estate assets, as well as other assets not held by Boustead.

This update comes nearly three months after the company in June said it was conducting “strategic reviews” for the sale of its stakes in some of its logistics and industrial real estate assets to a Reit.

Boustead reiterated that the IPO and listing are subject to market conditions, commercial negotiations with various counterparties, the relevant regulatory, shareholders’ and other approvals being obtained and the execution of definitive agreements by the relevant parties.

“As various material processes are underway, no decision has been made as to whether the transaction will take place; and there is currently no certainty that the IPO is imminent or will proceed,” it added.

Boustead shares closed at S$1.49 on Tuesday, up S$0.02 or 1.4 per cent.