Lian Beng

[¯|_(ツ)_/¯]

Lian Beng@48

Application For Third Extension of Time For The Group To Comply With Undertaking
https://links.sgx.com/FileOpen/SLB%20Ann...eID=668342
The New Lian Beng Group has faced difficulties in selling the balance 2 units

• The balance unsold units in the freehold condominium development located in District 11, a premium location in Singapore and therefore priced at a premium. Following listing, the joint venture partners had appointed a top tier agency as the sole marketing agent to market the remaining units. It had also converted 1 of the units into a showroom to facilitate physical viewings, of which over 121 viewings have been conducted as at the date of the Company’s application to the SGX-ST for the Third Extension.
  
• These efforts have proven partially successful as the joint venture partners have managed to sell 3 units during the past 12 months, one of which was the converted showroom. In total, 4 units out of 6 units have been sold to-date. The 2 remaining units are penthouse units, catering to the luxury market. With the border and travel restrictions imposed by the Singapore government designed to restrict the spread of the COVID-19 disease, the target audience for such luxury properties (being mainly affluent foreign individuals) have not been able to physically travel to Singapore for viewings and are understandably hesitant to commit such large capital based solely on virtual viewings. The difficulties are further compounded by multiple new launches in Districts 9 and 10 in 2020 which have better positioning and provide buyers with greater choice compared to the remaining 2 units which was completed in 2014.
  

Stay home and stay safe, everyone.

[¯|_(ツ)_/¯]

Lian Beng @ 48

Under Rule 14.1(b) of the Code, where any person who, together with any of its concert parties, holds not less than 30% but not more than 50% of the voting rights and such person, or any of its concert parties, acquires in any period of 6 months additional shares carrying more than 1% of the voting rights, such person must extend a mandatory offer in accordance with Rule 14 of the Code.

Prior to the Market Acquisition, the Offeror, together with its concert parties, holds approximately 43.55% of the issued Shares (excluding treasury Shares). As mentioned in paragraph 1, the Market Acquisition comprises approximately 1.17% of the issued Shares (excluding treasury Shares) and accordingly, the Offeror has acquired more than 1% of the voting rights attributable to the Shares and is required to make the Offer in compliance with Rule 14.1(b) of the Code.

it is the Offeror's intention to maintain the listing status of the Company and the Offeror does not intend to exercise any rights of compulsory acquisition even if such right arises under Section 215(1) of the Companies Act.
https://links.sgx.com/FileOpen/Offer%20A...eID=671096


Stay home and stay safe, everyone.

[weijian]

If I remember correctly, they are not the only ones but unfortunately, the reputation precedes.

Lian Beng says Covid-19 government grants helped boost remuneration for key execs

BUILDING contractor Lian Beng Group has disclosed that government grants received to help defray additional operating costs due to the Covid-19 pandemic had factored into higher remuneration payable to its key executives for the FY2021 ended May.

"The remuneration payable to the key executives of the company includes a bonus component which is calculated based on the overall general profitability of the group. Both the additional operating costs incurred due to the ongoing Covid-19 pandemic and government grants received to help defray such costs were included in the computation," the group said in a bourse filing on Monday.

https://www.businesstimes.com.sg/compani...-key-execs

[brattzz]

yes, LB is NOT the only ones, their reply was frank and truthful, straight in your (taxpayers) face!

All companies key execs runs the company to make as much $ as possible... gov's support (taxpayers money) they take a cut too!! time to change roll royces!

https://www.businesstimes.com.sg/hub/bt-...olls-royce

[cyclone]

Award of Contract Worth Approximately $118 Milliion

Lian Beng Group Ltd announced that United Tec Construction Pte. Ltd., a 60%-owned subsidiary of the Company, has secured a contract from United Venture Development (2021) Pte Ltd for the proposed residential flat development comprising 1 block of 24-storey and 1 block of 25-storey building (total 372 units) with basement and mezzanine basement carpark, swimming pool and communal facilities on Lot 18618V MK 18 at Ang Mo Kio Ave 1 (Ang Mo Kio Planning Area).

The Contract is worth approximately S$118 million. The contract period shall be 47 months.

The Contract is expected to have a positive financial impact on the net tangible assets per share and earnings per share of the Group for the current financial year ending 31 May 2022.

As at 18 October 2021, the Group’s order book stood at approximately S$1.4 billion which will provide a sustainable flow of activity through FY2026.

Source : https://links.sgx.com/1.0.0/corporate-an...gMoKio.pdf

[weijian]

These Ongs are indeed rare talent since they are able to get Lian Beng from been a small subcontractor with startup capital of 3,000 dollars into a 300mil market cap company (100000x).

Besides so, I reckon secrecy is of top-most importance to keep the entire clan from comparing their pay among each other. As the Chinese saying goes - Harmony breeds prosperity!

Lian Beng declines disclosing family members' pay, citing poaching fears

In response to the query, Lian Beng said it would not disclose the remuneration of Ms Ong Sui Hui (senior contracts manager), Ms Ong Lee Yap (purchasing director), Mr Ong Phang Hoo (project director) and Mr Ong Phang Hui (plant and machinery director).

These employees have been with the company since the 1990s, save for Ms Ong Lee Yap, who started in 1988.

Lian Beng said the disclosure might result in challenges in a highly competitive business environment with a limited talent pool.

https://www.straitstimes.com/business/co...hing-fears

[CY09]

What made Lian Beng was not their main core business of construction.

It was their property development in building condos and housing foreign workers in dormitory. Like many of the hokkien/teochewconstruction companies, they capitalised on the current government's policy in an immigration friendly society and became a property developer making their profits in the foreign worker and rental demand boom. If Singapore had gone the route of China or Japan as being a closed up society that is not foreigner friendly, i doubt many of these companies would have grown big. Examples of these companies are Lian Beng and KSH.

There are companies who did not evolve beyond their main business of construction and as a result, remained very small companies with market cap below 50 million.

[dreamybear]

Another privatisation ....

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Lian Beng’s Ong family makes privatisation offer at S$0.62 per share, less than half of NAV
https://www.businesstimes.com.sg/compani...s-half-nav

[Shiyi]

Another privatisation ....

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Lian Beng’s Ong family makes privatisation offer at S$0.62 per share, less than half of NAV
https://www.businesstimes.com.sg/compani...s-half-nav

Lian Beng owns some 78% of SLB Development.
Why is there no chain offer for the latter? Anybody out there can help explain?

[Big Toe]

A fair number of decent companies trading at very low valauations. Lian Being being one of them.
Taking it private now makes a lot of sense for the Ong Family.
Why share the pie when one can own all of it at a low price?

Which brings about a dilemma faced by business owners large and small.
Why expand or start a new business when you can buy and own part of a well managed listed company on the cheap?