Lian Beng’s controlling family exercises right of compulsory acquisition

MAINBOARD-LISTED Lian Beng’s controlling Ong family, through investment holding company OSC Capital, on Monday (Aug 21) exercised its right to compulsorily acquire all shares of the construction and engineering company.

Lian Beng will thus be delisted from the Singapore Exchange (SGX) at a date and time to be announced by the company, UOB said in a bourse filing on behalf of OSC Capital.

OSC Capital had offered to pay S$0.68 in cash for each share held by shareholders who have not accepted the offer as at the offer’s close.

On Monday, UOB said remittances for the appropriate amounts will be despatched to the dissenting shareholders through their CDP securities accounts, or a crossed cheque drawn on a bank operating in Singapore by ordinary post, if their shares are held in scrip form, “as soon as practicable”.

Trading of Lian Beng’s shares had been suspended at the close of the offer on Jul 7, 5.30pm, to take the company private. On Jul 4, the company announced that it no longer meets SGX’s free float requirement since the percentage of its shares held by the public fell below 10 per cent.