Boustead Singapore Limited (F9D) on Feb, 20 2026 released advance responses to shareholder questions ahead of its Extraordinary General Meeting (EGM) set for Feb, 25 2026.

The company confirmed that 23 Singapore and Japan industrial properties carry an agreed property value of about 1.9042 billion Singapore dollars. UI Boustead REIT will pay 1.1224 billion Singapore dollars for the equity portion, with the remainder to be funded by debt, and all existing equity partners plan to sell their full interests.

Most divestment proceeds will be reinvested into units of UI Boustead REIT. The board is also evaluating a potential special dividend for shareholders, though no amount has been decided.

Management said minority shareholders will not receive REIT units via distribution; participation is possible only through the public tranche of the IPO.

Approximately 42.3 million Singapore dollars earmarked for working capital may be used to support Boustead Projects Limited development projects at Tukang Innovation Drive and the KTG & Boustead Industrial Logistics Joint Stock Company in Vietnam, as well as possible bolt-on acquisitions in other divisions.

Independent valuers assessed each Singapore property, and the company stated the agreed sale prices are at a slight premium to those valuations.

Boustead Projects will contribute 5.6 million Singapore dollars—28% of a 20 million Singapore dollars sponsor contribution—to the IPO following commercial negotiations with sponsor UIB.

Future completed and stabilised assets may be injected into the REIT under a right-of-first-refusal agreement, while decisions on keeping or divesting properties will rest with Boustead Projects.

The two Japanese properties, accounting for 28.8% of the initial portfolio, will be detailed in the forthcoming IPO prospectus. UIB, as REIT sponsor, controls the IPO’s timing and pricing, which remain subject to regulatory approvals and market conditions.