Construction firm Lian Beng Group buys 5.03% stake in Centurion Corp
Published on Mar 6, 2014 12:23 PM
Construction company Lian Beng Group has become a substantial shareholder of Centurion Corp by taking a 5.026 per cent stake in the Singapore-listed accommodation manager for about $21.7 million.
Centurion Corp said on Thursday that Lian Beng acquired 38 million shares in the company at 57 cents apiece in an off-market deal. A group of other private investors took up another 42 million Centurion shares.
The shares were sold by Centurion Corp's controlling shareholders, Centurion Properties and Mr David Loh Kim Kang. They sold 70 million shares and 10 million shares respectively, which together made up 10.58 per cent of Centurion's total shares.
After the sale, Centurion Properties and Mr Loh will hold a reduced stake in Centurion Corp of 55.4 per cent. They have agreed not to sell or place out any more shares for the next 18 months.
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