The Ong family controlling Lian Beng Group steadily raised its stake in recent weeks. The most recent transactions were recorded on Jan 29 with the purchase of 300,000 shares at 45.8 cents each and another 100,000 shares at 45.4 cents each.

As a result, Ong Pang Aik, Lian Beng’s chairman and managing director, now holds a direct and deemed stake totalling 187.5 million shares, or 37.52%, up from 37.46% previously. Before the Jan 29 acquisitions, Ong had bought 500,000 shares at 46.1 cents on Jan 21, 400,000 shares at 45.75 cents on Jan 22 and 400,000 shares at 46.5 cents on Jan 25.

On Jan 14, Lian Beng reported earnings of $17.6 million for 1HFY2021 ended Nov 30, 2020, down 5.2% from a year ago. Revenue was down 36.6% to $197.5 million. The construction company attributed the drop in revenue to the stoppage of construction activities at worksites earlier last year in a bid to curb the spread of Covid-19.

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