The Board of Directors of Boustead Singapore Limited announced in relation to the proposed demerger of the real estate solutions business through the dividend in specie of approximately (but not exceeding) 49.0% of the issued shares in Boustead Projects Limited to shareholders and the proposed listing of Boustead Projects Limited on the Main Board of the Singapore Exchange Securities Trading Limited by way of an introduction. Mr. John Lim Kok Min is currently the Chairman and Independent Non-Executive Director of Boustead Projects has relinquished his role as an Independent Non-Executive Director of the company. As a consequence of Mr. John Lim relinquishing his position on the board, he will also vacate his roles on the Audit, Nominating and Remuneration Committees.

The board has appointed Mr. Goh Boon Seong as the Chairman of the Audit Committee and a member of the Nominating Committee. The Board of Directors considers Mr. Goh Boon Seong to be an independent Director for the purposes of Rule 704(8) of the Listing Manual of SGX-ST.