Boustead Singapore Limited (F9D) said its shareholders have overwhelmingly approved the proposed transactions linked to the planned initial public offering of UI Boustead REIT at an Extraordinary General Meeting held on Feb, 25 2026.

The sole ordinary resolution – covering the divestment of 19 assets, issuance of bonds on three assets, and a subscription of up to 202.8 million Singapore dollars in UI Boustead REIT units – was passed with 99.95% of the 307.3 million votes cast in favour.

The approved moves will see Boustead Singapore realise an estimated 155.0 million Singapore dollars in fair-value gains and generate gross proceeds of about 258.7 million Singapore dollars. After deducting roughly 13.6 million Singapore dollars in transaction and IPO-related costs, the group intends to reinvest most of the balance into a 16.9% stake in UI Boustead REIT, subject to book-building.

Boustead Singapore added that completion of the transactions remains contingent on regulatory clearances and the successful listing of UI Boustead REIT.

The meeting closed at 11:36 a.m. with no further business raised.