Lian Beng says property in JTC probe is owned by 80%-owned subsidiary

Shares in Lian Beng Group closed 0.5 cent higher or 1% at 50.5 cents on Oct 26.

Lian Beng Group says that Leng Kee Autopoint, the property in the probe by JTC Corporation, is held by an 80%-owned subsidiary of the group. The remaining 20% is owned by an independent third party.

According to a report by The Straits Times on Oct 25, JTC Corporation was said to be investigating “an industrial landlord” for leasing out a building in Leng Kee Road illegally.

EuroSports Global is a major tenant of the building.

In its statement on Oct 26, Lian Beng Group says it has “taken steps” and will meet the 30% sub-letting limit on gross floor area.

Shares in Lian Beng Group closed 0.5 cent higher or 1% at 50.5 cents on Oct 26.

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