Boustead Projects announced on 31st December 2020 that it will be launching a Boustead Industrial Fund where it has 25% stake in it.
At the time of writing, its share price has already jumped from $0.80 to around $1.01 – a whooping 25% jump after the announcement.
Boustead Projects Launches Boustead Industrial Fund
For a quick background, Boustead Projects is a real estate developer, specializing in smart eco-sustainable business park and industrial developments.
It has developed more than 3 million square metres of real estates across Singapore, Malaysia, Vietnam and China.
Boustead Industrial Fund would have 3 stakeholders namely:
- Boustead Projects or its nominee at 25% of the fund
- Metrobilt Construction Pte Ltd, an indirect wholly-owned subsidiary of Metro Holdings Ltdat 26% of the fund
- AP SG 21 Pte Ltd, a special purpose vehicle for institutional real estate investors at 49% of the fund
In the event that Metrobilt does not subscribe to the fund, Boustead has agreed to subscribed other by itself or through its nominees the 26%. That will effectively Boustead’s holdings of the fund