Shareholders of SLB Development have voted in favour of the takeover of the company by parent company Lian Beng on May 20, according to a bourse filing on the same date.

About 96.12% of shareholders voted in for the resolution, in which Lian Beng set out to take its subsidiary SLB Development private on Jan 24. Lian Beng, led by executive chairman Ong Pang Aik, offered 23 cents in cash per scheme share to shareholders.

SLB Development, which was listed on the Catalist board of the SGX in 2018, is a property developer involved in developing and selling residential, mixed-use, industrial and commercial development properties.

Lian Beng, the offeror has an issued and paid-up share capital of $83.67 million comprising 499,689,200 ordinary shares, excluding the 30,070,800 shares held in treasury, and the sole shareholder of the offeror is OSC Capital, a holding company held by the Ong family.

OSC Capital has an issued and paid-up share capital of $100, comprising 100 ordinary shares held 51% by Ong Pang Aik, 30% by Ong Lay Huan, and 13% and 6% held by Ong Lee Yap.

Shares in SLB Development last closed at 23 cents on May 20.