Boustead Singapore (SGX:F9D) through its subsidiaries, BP Unity and BP-Real Estate Investments, agreed to dispose of certain fund and property management businesses of the group to UI Holdings, according to a late Wednesday filing.
As a consideration, UI Holdings will issue 35,505,812 new shares worth $78.6 million to Boustead Singapore, resulting in Boustead Singapore acquiring a 24.1% stake in UH Holdings.
Under the agreement, Boustead Singapore will also sell its 50% stake in Echo Base-BP Capital (Vietnam) to UI Holdings, a private real estate investor and fund manager.
In addition, the two parties will also discuss the potential sale of 3% of KTG & Boustead Industrial Logistics to UI Holdings for $2.3 million.
Furthermore, a Boustead Singapore unit will make a capital commitment of at least $11.6 million in UH Holdings.
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