In today’s briefing:
- SLB Development (SLB SP): Ong Family’s S$0.23 Scheme Offer
SLB Development (SLB SP): Ong Family’s S$0.23 Scheme Offer
- SLB Development (SLB SP) disclosed a scheme privatisation from Lian Beng (LBG SP) at S$0.23 per share, a 36.1% premium to the undisturbed price of S$0.169 (22 January).
- The Ong family previously privatised Lian Beng, the parent company. The offer price, which is equal to the IPO price, is attractive compared to peer multiples and historical trading ranges.
- The scheme vote is low-risk, as no disinterested shareholder holds a blocking stake, and the offer is attractive. Expect a scheme meeting in April.
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