Lian Beng Group inked JV with Oxley Holdings

Management maintains no material impact on earnings.

In a release, Lian Beng Group Ltd announced that Lian Beng Land Pte. Ltd, a wholly-owned subsidiary of the Company and Oxley Holdings Limited had on 12 June 2013 entered into a joint venture agreement to give effect to their intentions and to record and regulate the affairs of OxleyLian Beng Pte. Ltd. and their respective rights as shareholders of Oxley-Lian Beng. LBL and Oxley currently hold 50% each of the issued and paid-up share capital of Oxley-Lian Beng.

Oxley-Lian Beng shall carry on the business of redeveloping the Property for sale and shall undertake any activities incidental to such business.

The aforesaid joint venture is not expected to have any material impact on the earnings and net tangible assets per share of the Company for the current financial year ending 31 May 2014.

As at the date of this announcement, Ms Ong Lay Koon, the Company’s Executive Director holds 900,000 ordinary shares, representing approximately 0.03% shareholding interest (direct and indirect) in Oxley.

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