OSC Capital Pte. Ltd. intends to make a voluntary unconditional cash offer to acquire Lian Beng Group Ltd (SGX:L03) from Ong Sek Chong & Sons Pte Ltd, Osc Investments Capital Private Limited, Ong Pang Aik, Ong Lay Huan, Ong Lay Koon and others for approximately SGD 310 million on April 11, 2023. As reported, OSC Capital will make an offer for all outstanding and issued ordinary shares of Lian Beng Group for an offer per share of SGD 0.62 in cash. As of May 3, 2023, offer per share has been revised to SGD 0.68 per share for a total consideration of approximately SGD 340 million. The aggregate number of Shares under the Irrevocable Undertakings is 347,593,745 Shares, representing approximately 69.56% stake. United. As of June 28, 2023, the offer has been accepted for 438.4 million shares, representing approximately 87.74% stake in Lian Beng Group. As of June 30, 2023, offeror has received valid acceptances for the offer for an aggregate of 444.2 million shares, representing approximately 88.89% of the total number of issued shares of Lian Beng Group.

The offer will expire on May 26, 2023. As of May 26, 2023, the closing date of the offer is extended from May 26, 2023, to June 9, 2023. As of June 9, 2023, the closing date of the offer has been further extended from June 9, 2023, to June 30, 2023. As of June 30, 2023, the closing date of the offer is further extended to July 7, 2023. As on July 7, 2023, the offer period was closed. As on 18 July 2023, OSC Capital received SGX-ST's approval-in-principle for the proposed delisting of the Lian Beng Group. United Overseas Bank Limited (SGX:U11) acted as financial advisor to OSC Capital. Xandar Capital Pte. Ltd. acted as financial advisor to Lian Beng Group. M & C Services Private Limited acted as registrar to Lian.

OSC Capital Pte. Ltd. completed the acquisition of Lian Beng Group Ltd (SGX:L03) from Ong Sek Chong & Sons Pte Ltd, Osc Investments Capital Private Limited, Ong Pang Aik, Ong Lay Huan, Ong Lay Koon and others on July 7, 2023. On August 25, 2023, OSC Capital completed the exercise of its right of compulsory acquisition, and the transfer of the Shares of the Dissenting Shareholders to OSC Capital has been effected and payment for such Shares has been despatched to the Dissenting Shareholders. Accordingly, Lian Beng Group Ltd is now a wholly-owned subsidiary of OSC Capital and will be delisted from the Official List of the SGX-ST on August 28, 2023.