Boustead Singapore amends agreement with Unified Industrial to retain control of Vietnam business

[SINGAPORE] Boustead Singapore on Monday (Jan 12) announced amendments to a master share subscription agreement between its subsidiaries and Hong Kong-based real estate company Unified Industrial.

The amendments will allow it to retain control of its real estate and fund management business segment in Vietnam. Previously, the group in March 2025 announced its agreement to transfer its real estate asset management and fund management business to Unified Industrial.

Under the amendments, the company will retain control of Echo Base-BP Capital (Vietnam), instead of transferring it to Unified Industrial. Other agreements, collectively known as the Vietnam obligations, will also not occur, Boustead Singapore said.

The amendments come as the growth of Boustead Singapore’s real estate and fund management business in Vietnam remains a “continual area of focus” for the company, with the country as a key strategic growth market.

“The termination of the Vietnam obligations under the master share subscription agreement would continue to give Boustead Singapore operational control of (its) real estate and fund management business segment in Vietnam,” the company said.

As Vietnam is a developing South-east Asian real estate market, the company noted that its industrial assets in the country would have a longer gestation and maturity period.

“With a long-term view of its capital allocation strategies, (the group) would be better able to manage its real estate and fund management business segment in Vietnam through full operational control of the business,” Boustead Singapore said.

The company said that the transactions under the master share subscription agreement are separate and independent of the proposed initial public offering and listing of UI Boustead Reit on the Singapore Exchange.

Shares of Boustead Singapore closed on Monday S$0.03 or 1.7 per cent higher at S$1.82, before the news.