Lian Beng buys 5.03% of Centurion for $21.7m

CONSTRUCTION-LINKED Lian Beng Group yesterday bought a 5.026 per cent stake in Centurion Corporation for $21.7 million, forging a closer relationship with the dormitory provider.

Lian Beng became a substantial shareholder through the purchase of 38 million Centurion shares at 57 cents each in an off-market married deal which will be funded by loans and internal resources.

"The acquisition is in line with the group's core business of building construction and property development, as it is a strategic investment in a property asset-related company which requires construction services from time to time," Lian Beng said in a statement.