This is a new column that looks at interesting Singapore corporate developments and business news over the past week.
Lian Beng Group Ltd (SGX: L03)
Lian Beng is a construction group established back in 1973.
The group provides integrated civil engineering, in-house construction, and production of ready-mix concrete.
On 14 June, the Ong family, which controls 43.55% of the issued shares of the group, acquired an additional 1% stake.
This move automatically triggered a mandatory general offer for the rest of the company that they do not own.
The offer price of S$0.50 per share is just a 6.4% premium over the last traded price of Lian Beng of S$0.47 before a trading halt.
The offeror intends to maintain the listing status of the group.
Lian Beng reported a mixed performance for its fiscal 2021 half year ended 30 November 2020.
Revenue fell by 36.6% year on year to S$197.5 million...
