LIAN Beng Group has asked for a further extension of time to dispose of competing business in relation to its unit SLB Development, both the mainboard-listed construction firm and Catalist-listed SLB announced on Friday night. Read more at The Business Times.
In its Friday announcement, Lian Beng said its inability to complete the disposal was due to oversupply of units in Singapore and a weak property market in Brisbane; its role as a minority partner in the properties, making it dependent on its majority joint venture partners to assist in the disposal; and dampened demand due to the Covid-19 pandemic.
Lian Beng has applied to the Australian authorities to renew the development approval for the two properties there, hoping to enhance their sale value. If the application is granted, Lian Beng expects to take three to six months to appoint a marketing agent and market the properties, and another three to six months after finding an interested purchaser to negotiate the sale and complete the deal.
Having considered the above, and measures to monitor compliance and address potential conflicts of interest, the audit committee's view is that the extension is not prejudicial to SLB and its minority shareholders, said SLB in its announcement. SLB shares closed up 0.5 Singapore cent or 4.35 per cent at S$0.12, while Lian Beng shares closed down 0.5 Singapore cent or 1.32 per cent at S$0.375 on Friday before the news.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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