Announcement • Jun 19
Lian Beng Group Ltd completed the acquisition of remaining 22.40% stake in SLB Development Ltd. (Catalist:1J0). Lian Beng Group Ltd entered into an implementation agreement to acquire remaining 22.40% stake in SLB Development Ltd. (Catalist:1J0) for SGD 47 million on January 24, 2025. A cash consideration of SGD 47.04 million valued at SGD 0.23 per share will be paid by Lian Beng Group Ltd. As part of consideration, SGD 47.04 million is paid towards common equity of SLB Development Ltd. Upon completion, Lian Beng Group Ltd will own 100% stake in SLB Development Ltd. The transaction will be financed through equity investment of SGD 47.04 million.
The transaction is subject to approval by regulatory board / committee, approval of offer by target shareholders and subject to court approval.
The transaction is expected to close on or around June 18, 2025. As of May 29, 2025, The approval of the Scheme by the requisite majority of Independent Shareholders of SLB Development at the Scheme Meeting held on May 20, 2025. Following the filling of summons HC/SUM 1428/2025 in HC/OA 314/2025 (the “Scheme Sanction Application”) on May 22, 2025 in the Court to apply for an order for sanction of the Scheme (the “Court Sanction”), the Court has directed that any written submissions for the Scheme Sanction Application are to be filed by 4:00 p.m. (Singapore time) on May 27, 2025. SLB Development had filed a written submission on May 27, 2025 and the hearing for the application to the Court to sanction the Scheme is May 30, 2025.
Evolve Capital Asia acted as financial advisor for SLB Development Ltd. United Overseas Bank Limited acted as financial advisor for Lian Beng Group Ltd. Opal Lawyers LLC acted as the legal advisor to SLB Development.
Lian Beng Group Ltd completed the acquisition of remaining 22.40% stake in SLB Development Ltd. (Catalist:1J0) on June 18, 2025. Announcement • Jan 29
SLB Development to Delist from SGX SLB Development Ltd. may be delisting from the Singapore Exchange (SGX) after receiving privatisation offers from their major shareholders. The moves potentially extend a slew of SGX delistings that took place in 2024, which included Silverlake Axis, Best World International and Isetan Singapore. The announcements also come at a time when the local bourse is almost halfway through a 12-month central bank-led review to revive trading and draw more listings. Construction company Lian Beng Group announced after the market closed on Jan. 24 that it is offering 23 cents in cash per share to privatise its subsidiary SLB Development at a premium over SLB's closing price of 17 cents. The offer price is also approximately 16.8% over SLB's net asset value per share of 19.7 cents as at Nov. 30, 2024. SLB was listed on the Catalist board of the SGX on April 20, 2018. Announcement • Jan 27
Lian Beng's Ong Family Offers to Privatise SLB Development Lian Beng Group Ltd.'s board of directors -- comprising the controlling Ong family -- has proposed to acquire and privatise property developer SLB Development Ltd. (Catalist:1J0) via a scheme of arrangement, the parties announced jointly on January 24, 2025. The scheme consideration for each share is SGD 0.23 in cash. This comes after Lian Beng completed its privatisation in 2023 by the Ong family. It officially delisted in August 2023. Lian Beng currently holds about 708.5 million shares in SLB, representing about 77.6% of the total number of issued shares. Both companies said that they entered into an implementation agreement setting out the terms and conditions of the scheme. The announcement noted that the trading volume of SLB's shares has been generally low. The acquisition will thus provide shareholders with "a unique cash exit opportunity to realise their entire investment". The scheme presents an opportunity for shareholders to realise their investments at a premium without incurring brokerage fees, the companies said. They noted that the scheme consideration represents a premium of about 54.4%, 62%, 69.1% and 88.5% over the VWAP of the shares traded for the one one-month, three-month, six-month and 12-month periods, respectively, up to and including the last trading day. It also represents a premium of about 16.8% over the net asset value per share of SGD 0.197, as at Nov. 30, 2024. SLB also has no need for access to equity capital markets, with no exercises to raise equity capital on the Singapore Exchange since its initial public offering in 2018, the announcement said. It added that the privatisation will allow SLB to save on expenses and costs relating to the maintenance of its listing status. After the acquisition and the scheme are completed, Lian Beng intends to "undertake a review of the operations, management and financial position of the group and will evaluate and pursue any opportunities arising in the ordinary course of business which it regards to be (its) interests". It does not currently intend to make any major changes to the group's business, redeploy its fixed assets, or discontinue the employment of its existing employees, other than in the ordinary course of business. 
