On July 5, United Overseas Bank, on behalf of the major shareholders of Lian Beng Group, announced the 50 cents per share offer had gone unconditional - that is the founding Ong family and friendly parties hold more than 50%. However, the announcement reiterates that the offer closes at 5.30pm on July 26, with no extension of the closing date.

The offer shines a spotlight on the vast difference between the offer price of 50 cents per share relative to Lian Beng’s net asset value of 145.58 cents. In addition, the company carries very a modest amount of debt, with a net debt to equity ratio of around 0.47.   

When the Ongs announced the offer, it had stated the intention of maintaining the listing status of the company.