SINGAPORE (June 4): SLB Development, the property development subsidiary of construction firm Lian Beng Group, along with 32 Holdings (32HPL), and its wholly-owned subsidiary 32 Real Estate (JVC), have executed a subscription and shareholders’ agreement with Wee TC Investments (WTCI), on Thursday.

The agreement was signed by SLB Development’s wholly-owned subsidiary SLBF.

WTCI is an investment holding company wholly-owned by Wee Teng Chuen, the son of Wee Ee Cheong, the CEO of UOB.

According to an SGX filing, WTCI will subscribe for 1 million ordinary shares of the JVC at an issued price of $1 per share.

Upon completion of the subscription, the issued and paid-up share capital of 32 Real Estate will increase to $3 million, comprising 3 million ordinary shares. 32 Real Estate will also be owned equally by SLBF, 32HPL, and WTCI.

Following the completion, Wee will be joining the JVC as an operating partner, and will be appointed as the fund management company’s managing director and head of capital raising.

Accordingly, SLBF’s interest in 32 Real Estate, will decrease from 50% to 33.33%.

SLB Development shares closed flat at 11.8 cents on Thursday.