BOUSTEAD Singapore’s group chief executive officer Wong Fong Fui is known for being able to turn around businesses and actively make deals for the conglomerate.
But the company’s bid last year to privatise its subsidiary Boustead Projects was met with pushback from segments of the market amid views that the original offer price undervalued the property player.
“I think it was pretty misunderstood,” Wong told The Business Times in an interview.
He noted that the conglomerate had been acting in accordance with the majority’s interest in the deal, given that both companies had a significant overlap in their shareholder base of around 90 per cent.
Difficult deal
Wong highlighted that Boustead Projects was listed in 2015 through a distribution in specie from Boustead Sing…
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