SLB Development jumps 33% after S$0.23-per-share privatisation offer from Lian Beng’s Ong family

SHARES of property player SLB Development surged on Monday (Jan 27) morning, after it announced last week that it had received a privatisation offer from Lian Beng’s Ong family.

The counter was up 30.2 per cent or S$0.051 at S$0.22 after its trading halt was lifted at 9.20 am. SLB had called for a trading halt on Jan 22, pending the privatisation announcement.

By 9.51 am, the counter rose even further, gaining 33.1 per cent or S$0.056 at S$0.225, after 181,500 shares changed hands. The last time it traded at such levels was in 2018.

After the market closed last Friday, Lian Beng announced that its board of directors – comprising the controlling Ong family – has proposed to acquire and privatise SLB via a scheme of arrangement.

The scheme consideration for each share is S$0.23 in cash.