SLB Development

SLB sinks into the red with 3Q losses of $3.5 mil on lower revenue

SINGAPORE (Apr 12): SLB Development, the development spin-off from Lian Beng Group, today announced that it has made a loss of $3.5 million in 3Q19, compared to earnings of $1.9 million in 3Q18.

This was mainly due to lower revenue and share of losses from joint ventures and associates.

For the 9M19 period, the group recorded a loss of $6.5 million, compared to earnings of $14.5 million in 9M18.

SLB Development sinks to net loss of $0.3 mil in 2Q on lower revenue

SINGAPORE (Jan 14): SLB Development has reported a net loss of $0.27 million for the 2Q19 ended November, compared to earnings of $8.9 million a year ago.

This extends SLB’s net loss for 1H19 to $3.1 million, down from earnings of $12.6 million in the corresponding period a year ago.

The property developer, which was spun off from construction company Lian Beng, saw its revenue plunge 82.3% to $6.5 million in 2Q19, down from $37.1 million a year ago.

SLB started at 'buy' as residential property market bottoms

SINGAPORE (June 1): SAC Advisors has initiated coverage on SLB Development, the property developer which was spun off from construction company Lian Beng Group, with a “buy” call and a target price of 28 cents.

The target price represents an upside of more than 33% from SLB’s current trading price of 21 cents as at 10.54am.

“We think that SLB deserves a premium to the sector average valuation given its large landbank, first mover advantage from acquiring assets early as well as its exposure to China,” says analyst Eing Kar Mei in a report on Friday.

Oxley-SLB JV acquires Pei-Fu Industrial Building for $76.3 mil

SINGAPORE (Apr 24): Oxley announced that its associated company, Oxley Kyanite, has today exercised the option to purchase issued on Apr 3 to acquire the Pei-Fu Industrial Building for $76.25 million.

Oxley Kyanite is also 51% indirectly-owned by SLB Development, a property developer which was spun off from Lian Beng Group.

The freehold industrial property is located at 24 New Industrial Road in Singapore, and has a land area of about 5,792.1 sqm.

Both had IPO prices of 23 cents, so how did SLB and Asian Healthcare do on their Catalist trading debut?

SINGAPORE (Apr 20): Two new companies – SLB Development and Asian Healthcare Specialists – made their Singapore Exchange trading debuts on Friday.

Shares in SLB opened at 26 cents per share, 3 cents above its IPO price of 23 cents, before closing at 25 cents with 47.1 million shares traded.

This gives SLB a market capitalisation of $228.3 million based on its issued share capital of 913 million.

SLB is a diversified property developer that was spun off from construction company Lian Beng.

SLB Development says public tranche of IPO 20.6 times subscribed

SINGAPORE (Apr 19): SLB Development, the property developer which was spun off from construction company Lian Beng, said the public tranche of its IPO was 20.6 times subscribed.

At the close of application at 12 noon on Wednesday, 2,216 valid applications for 164.8 million offer shares were received for the 8 million offer shares available to the public for subscription at 23 cents each.

SLB launches IPO at 23 cents each to raise $54.7 mil

SINGAPORE (Apr 11): SLB Development, the property developer which was spun off from Lian Beng Group, will be selling 238 million new shares at 23 cents each in conjunction with its Catalist listing.

See: Lian Beng property spin-off SLB Development lodges prospectus

Of the IPO shares, 8 million units will be available to the public while the remaining 230 million units will be available by way of placement.

Lian Beng property spin-off SLB Development lodges prospectus

SINGAPORE (Mar 27): SLB Development, the long-awaited property development spin-off from Lian Beng Group, has lodged its preliminary prospectus.

No details are available yet on how much of a stake the parent company will sell and at what price.

The IPO is handled by SAC Capital.

Ong Lay Koon, sister of Lian Beng’s chairman and managing director Ong Pang Aik, is the chairman of SLB. Pang Aik’s son, Matthew, is the CEO.

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