Lian Beng's Ong family ends mandatory offer exercise with 68.3% stake

MAINBOARD-LISTED builder Lian Beng's controlling Ong family held an interest of 68.3 per cent at the end of a mandatory cash offer on Monday, it has disclosed.

Offeror Ong Sek Chong & Sons had in June launched an offer at S$0.50 a share, in a move that valued Lian Beng at more than S$267.5 million, after a married deal.

The offer turned unconditional about three weeks later, as the offeror secured acceptances that took its shareholding above the 50 per cent mark.

With the end of the exercise, no further acceptances can be made, and any acceptances received after this date will be rejected, UOB noted on behalf of the offeror.

The offeror earlier stated that it plans to maintain Lian Beng's listing status, and has confirmed it is not required to make an offer for Lian Beng-linked SLB Development.

The offer vehicle is controlled by Lian Beng chairman and managing director Ong Pang Aik; executive directors Ong Lay Huan and Ong Lay Koon; and group purchasing director Ong Lee Yap.

Lian Beng shares closed on Monday at the offer price of S$0.50, down by half a Singapore cent, or 0.99 per cent.

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