Lian Beng

Re: Lian Beng

Postby behappyalways » Wed Jul 05, 2017 5:22 pm

CapitaLand Commercial Trust divests Wilkie Edge to Lian Beng for $280 mil
http://www.theedgesingapore.com/capital ... ng-280-mil

In case someone is tempted to buy, please take a good read....

A good read from d.o.g from valuebuddues
https://valuebuddies.com/thread-968-pos ... #pid140793



luckystar Wrote:
I remember a few years ago MP Sitoh YiPing left the Lian Beng Board because he said the management, including Mr Ong Pang Aik and all his siblings paid themselves too much. The profit sharing incentives and categorisation, formulae are too generous. As you can see for yourself the remuneration for the senior management in the annual reports, the family is taking a lot.


One of the key points of the disagreement was that the Ong family's profit sharing was calculated on a "profit before tax" basis. However this did not account for minority interests which were significant. What this meant was that Lian Beng shareholders paid the family a bonus for profits that belonged to the minority interests in the JVs.

As an example, if there was a 50/50 JV, its profits were counted at 100% in profit before tax, and Lian Beng shareholders paid a bonus on that basis, but in fact half of the JV's profits belonged to the JV partner. Essentially, Lian Beng shareholders subsidized the JV partner by paying the partner's share of the profit-sharing bonus.

The Ong family was legally entitled to stick to the "profit before tax" basis, as that was how it was written in their compensation agreements. But once this issue was pointed out, the ethical thing to do would be to revise the compensation agreements so that profits from non-fully owned projects were pro-rated accordingly. AFAIK that has not happened.

As usual, YMMV.



behappyalways wrote:Lian Beng resignations: Bonus dispute key factor
http://www.straitstimes.com/business/co ... key-factor
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Re: Lian Beng

Postby behappyalways » Tue Jul 25, 2017 1:33 pm

lian-beng-ksh-divest-st-kilda-road-property-melbourne-366-mil
https://www.theedgesingapore.com/lian-b ... ne-366-mil
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Re: Lian Beng

Postby behappyalways » Thu Jul 27, 2017 11:19 am

lian-beng-full-year-earnings-nearly-halved-532-mil
https://www.theedgesingapore.com/lian-b ... ed-532-mil
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Re: Lian Beng

Postby behappyalways » Sat Sep 16, 2017 5:48 pm

lian-beng-awarded-162-mil-contract-construct-martin-place-condo
https://www.theedgesingapore.com/lian-b ... lace-condo
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Re: Lian Beng

Postby behappyalways » Sat Oct 14, 2017 7:35 pm

lian-bengs-1q-earnings-fall-29-89-mil-revenue-decline
https://www.theedgesingapore.com/lian-b ... ue-decline


lian-beng-spin-property-development-business-catalist-listing
https://www.theedgesingapore.com/lian-b ... st-listing
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Re: Lian Beng

Postby behappyalways » Sat Dec 09, 2017 8:11 pm

lian-beng-wins-137-mil-contract-potong-pasir-condominium
https://www.theedgesingapore.com/lian-b ... ondominium
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Re: Lian Beng

Postby behappyalways » Wed Dec 20, 2017 10:07 pm

lian-beng-subsidiary-receives-loi-1995-mil-construction-contract
https://www.theedgesingapore.com/lian-b ... n-contract
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Re: Lian Beng

Postby behappyalways » Wed Dec 27, 2017 9:10 pm

lian-beng-sells-third-melbourne-property-935-mil
https://www.theedgesingapore.com/lian-b ... ty-935-mil
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Re: Lian Beng

Postby behappyalways » Fri Jan 12, 2018 10:52 pm

lian-beng-posts-337-drop-1h-earnings-122-mil-lower-sales
https://www.theedgesingapore.com/lian-b ... ower-sales
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Re: Lian Beng

Postby behappyalways » Wed Mar 28, 2018 10:00 am

Lian Beng property spin-off SLB Development lodges prospectus
https://www.theedgesingapore.com/lian-b ... prospectus
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