SLB Development's (SGX:1J0) shareholders voted in favor of a scheme resolution proposed by Lian Beng Group to acquire and privatize the company, according to a filing with the Singapore Exchange on Tuesday.
Following the approval, the company will file an application with the court to sanction the scheme, the filing said.
Accordingly, the company's shares will be delisted on or around July 2.
Earlier, the company had received a privatization offer from the board of directors of Lian Beng Group. The offer values each scheme share at SG$0.23 in cash.
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