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.
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.
See also: Lian Beng buys 60% stake in United Tec Construction for $0.2 mil
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.
