SLB Development (SGX:1J0) received a privatization offer from the board of directors of Lian Beng Group, according to a filing with the Singapore Exchange on Friday.
The offer values each scheme share at SG$0.23 in cash.
Lian Beng Group, a substantial shareholder in SLB Development, currently holds approximately 708.5 million shares, representing nearly 77.6% of the total issued shares.
The two companies have now entered into an implementation agreement to set out the terms and conditions of the scheme.
Shares of the property developer surged over 33% in recent trading.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.