SLB Development Receives Take-Private Offer; Shares Surge 33%

MT Newswires

01-27

SLB Development (SGX:1J0) received a privatization offer from the board of directors of Lian Beng Group, according to a filing with the Singapore Exchange on Friday.

The offer values each scheme share at SG$0.23 in cash.

Lian Beng Group, a substantial shareholder in SLB Development, currently holds approximately 708.5 million shares, representing nearly 77.6% of the total issued shares.

The two companies have now entered into an implementation agreement to set out the terms and conditions of the scheme.

Shares of the property developer surged over 33% in recent trading.

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