[SINGAPORE] Shareholders of SLB Development approved the scheme resolution proposed by Lian Beng Group’s board of directors – which comprises the controlling Ong family – to acquire and privatise the property player.
It is expected to delist on or around Jul 2, said its board of directors in a bourse filing on Tuesday (May 20) evening.
At the scheme meeting on Tuesday morning, 99 independent shareholders who make up some 96.1 per cent of the total present and voting, gave their nod of approval. This represented about 99.9 per cent of the scheme shares, higher than the approval benchmark of 75 per cent.
Four shareholders, or 3.9 per cent, were against the scheme.
The expected last day of trading for the counter will fall on or around Jun 12, followed by books closure at 5 pm on Jun 17.
SLB Development’s shareholders will receive the scheme consideration of S$0.23 per share in cash on or prior to Jun 27, based on an indicative timetable.
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The offer was announced in January, following the privatisation of Lian Beng by the Ong family in 2023.
Lian Beng holds some 708.5 million shares in SLB, which represent about 77.6 per cent of the total number of issued shares.
The offer price had represented a premium of 36.1 per cent over the last transacted price of S$0.169 a share on Jan 22.
Lian Beng said that the scheme offers shareholders “an opportunity to realise their entire investment in cash at a premium… without incurring brokerage and other trading costs”.
It also pointed out that the trading volume of the shares has generally been “low”, and the acquisition thus provides shareholders “a unique cash exit opportunity… which may not otherwise be readily available”.
Delisting from the Singapore bourse would also allow SLB to save on expenses and costs relating to the maintenance of its listing status, it added.
Shares of SLB closed flat at S$0.23 on Tuesday, before the announcement.
