Mar 07, 2014

    Lian Beng buys 5% of Centurion

    CENTURION Corporation said Lian Beng Group bought 38 million of its shares at 57 cents each in an off-market married deal yesterday.

    With this acquisition, the construction company now holds 5.026 per cent of Centurion, which is in the dormitory business.

    Other private investors took up 42 million Centurion shares.

    The sellers are Centurion's controlling shareholders, Centurion Properties and Mr David Loh Kim Kang, who sold 70 million shares and 10 million shares respectively - equivalent to 10.58 per cent.

    Following the sale, the vendors' aggregated stakes have been reduced from 65.98 per cent to 55.40 per cent.

    Centurion has a 45:55 joint venture with Lian Beng in Lian Beng-Centurion (Mandai), which owns a 141-unit ramp-up industrial building and worker accommodation in Mandai.

    Centurion has a portfolio of 19,700 and 13,500 beds in Singapore and Malaysia respectively.

    It is expected to grow to a total of over 50,000 beds by the end of next year.