Lian Beng Group subsidiary sells Emerald Land stake

LB Land said continued investment in Emerald will increase the risk exposure of the Group amidst slow sales.

The Board of Directors of Lian Beng Group Ltd announced that LB Land Pte Ltd, a 67% owned subsidiary of the company, had on 13 September 2012 entered into a sale and purchase agreement with Pallas 28 Investments Limited.

The SPA is for the disposal of LB Land's entire interest of 150,000 ordinary shares and 7,870,506 preference shares in the capital of Emerald Land Pte Ltd and the shareholders’ loans amounting to S$6,484,311.40, for an aggregate consideration of S$16,983,876.40.

Emerald is principally engaged in the business of property development and is the developer of the residential development at 111 Emerald Hill, Singapore.

The announcement said the sale of units in 111 Emerald Hill by Emerald has been slow. It further noted that the disposal will allow the Group to recover its investment.