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Lian Beng completes unit restructuring for proposed property company spinoff

Lian Beng Group Ltd. completed the restructuring agreement between it and its SLB Development Pte. Ltd. unit, consolidating all of the company's property development subsidiaries under the unit through a transfer-of-shares deal worth S$33.6 million.

The group conducted the restructuring in preparation for the proposed listing of its planned property development spinoff on the Singapore stock exchange's catalyst board.

The restructuring was executed through the sale of Lian Beng's shareholdings in 11 property development units to SLB Development, with the consideration to be satisfied via the allotment and issuance of 33,648,446 ordinary shares of the unit to the company. The transaction involves subsidiaries Smooth Venture Pte. Ltd., Goldprime Investment Pte. Ltd., LBD (Midtown) Pte. Ltd., Spottiswoode Development Pte. Ltd., Luxe Development Pte. Ltd., Starview Investment Pte. Ltd., Wealth Development Pte. Ltd., Wealth Property Pte. Ltd., LBD (China) Pte. Ltd., Goldprime Land Pte. Ltd. and Wellprime Pte. Ltd.

Following the restructuring's completion, SLB Development's status was changed to public from private along with its name, which was changed to SLB Development Ltd. It currently has a paid-up share capital of approximately S$93.6 million, according to a news release.

As of March 27, US$1 was equivalent to S$1.31.