Read? Me too: Lian Beng (2)
ON Monday, the Ong family which controls civil engineering and construction group Lian Beng announced a mandatory conditional cash offer at 50 Singapore cents per share, following a married deal.
The family had, through its investment holding company Ong Sek Chong & Sons, acquired nearly 5.9 million shares or about 1.2 per cent of the total number of issued and paid-up ordinary shares issued by Lian Beng Group.
Prior to the market acquisition, Ong Sek Chong & Sons and its concert parties held about 43.6 per cent of voting rights in Lian Beng. With its recent acquisition of more than 1 per cent of shares in Lian Beng, it was required to extend a mandatory offer.
The offer price represents a premium on the last traded price of 47 Singapore cents on June 11, the last trading day, the announcement said.
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Kena forced selling by Ong family! Accepted the offer via electronic form submission and switches recovered capital to cover Olam right issue.
Bought $0.575 and mandatory offer @ $0.5 . Realized capital loss $0.25
Net gains after 13 yrs of sucking Panadols from Ong family is 1.8% annual yield. Worse than CPF OA 2.5% compound interests. KNS!
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Can make some kopi money if bought before news release
ReplyDeleteI invested previously into Lianbeng. I sold out after going to their AGM. Didn't really like the management way. Anyway, I think this deal is not very shareholder friendly (depending on how you see it)
ReplyDeleteHeng ah
ReplyDeleteHeng ah.... I averaged down during the 2020 meltdown and quickly sold.