>

>

Lian Beng's Ong family makes 50 cents per share offer as required under takeover code

The Edge Singapore |

June 14, 2021 4:19 PM SGT

SINGAPORE (EDGEPROP) - The Ong family controlling construction firm Lian Beng Group is making a conditional offer at 50 cents per share, following the acquisition of additional shares via a married deal, which triggers a mandatory offer as required by Singapore company rules. (See also: KSH, Oxley, Heeton and Lian Beng invest $30 mil in Gaobeidian project developer)

Earlier today, via the vehicle Ong Sek Chong & Sons Pte Ltd, the Ongs bought 5.85 million shares, or 1.17% of the company, via a married deal.

Lian Beng last traded at 48.5 cents before a trading halt was called and this announcement was released.

The Ongs, together with its concert parties, holds approximately 43.55% of Lian Beng shares.

Under Singapore Code on Take-overs and Mergers, any person who, together with any of its concert parties, holds not less than 30% but not more than 50% of the voting rights and such person, or any of its concert parties, acquires in any period of 6 months additional shares carrying more than 1% of the voting rights, such person must extend a mandatory offer in accordance with the code.

The Ongs, led by chairman Ong Pang Aik (picture) intend to keep the listing status of Lian Beng and has no plans to exercise any rights of compulsory acquisition even if such right arises.

The Ongs have also confirmed with the Securities Industry Council of Singapore that there’s no need to make a chain offer of SLB Developments, which is 77.56%-held by Lian Beng.

Tags:

lian beng Lian Beng Construction Lian Beng Share Price

Follow Us

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

UOL and CapitaLand to acquire Thomson View Condo for $810 mil

2

Is it a Good Deal?: A freehold three-bedroom in D9 sold for $3.27 million, making a $2.03 million profit

3

Chuan Park attracts 5,000 visitors on first day of preview

4

CDL's Norwood Grand achieves 84% sales at an average price of $2,067 psf

5

Executive Condo launches in the pipeline to test new highs of $1,700 psf

Our Site

Follow Us

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

View More

Close Ad

00:00