Tuesday, August 26, 2008

Lian Beng To Pay 3 Executive Directors Profit-Sharing Bonus

Source : The Business Times, August 26, 2008

LIAN Beng Group says three of its executive directors will be paid a profit- sharing bonus based on the group's audited net profits before tax and before extraordinary items (PBT).

'Going forward ...we will be growing our foothold in the construction of ultra-luxury niche projects...' - MD, Ong Pang Aik

The trio - managing director Ong Pang Aik, Ong Lay Huan and Ong Lay Koon - will receive 4, 2, and 1.5 per cent of PBT respectively.

In a statement yesterday, Lian Beng said the first instalment of the bonus will be paid after the audited financial statement for the financial year ending May 31, 2009 is issued, depending on PBT achieved.

'Through the scheme, the group will be able to recognise and reward their contributions and services and motivate the executive directors to continue to strive for the group's long- term prosperity,' it said.

Separately, Lian Beng said its wholly owned subsidiary Millennium International Builders has been appointed the main contractor for The Ritz-Carlton Residences at Cairnhill.

The contract, worth $99.5 million, was awarded by Royce Properties, a subsidiary of Hayden Properties.

Lian Beng managing director Ong Pang Aik said: 'Going forward, apart from handling larger-scale condominium and commercial projects, we will be growing our foothold in the construction of ultra-luxury niche projects that call for specialised technical knowledge in dealing with challenging design features.'

The Ritz-Carlton contract involves a 36-storey residential block with two basement carparks, a swimming pool and communal facilities.

Construction is expected to begin in the third quarter of 2008 and should be completed by Q4 2010.

Lian Beng said the contract win will boost its order book to about $770 million.

At the end of trading yesterday, Lian Beng's share price was unchanged at 19 cents.

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