L&M trading suspended

L&M trading suspended

SINGAPORE (Reuter): Construction and engineering group L&M Group Investments requested for suspension of trading of its shares and warrants in late morning trade yesterday, said traders.

L&M Group was up four Singapore cents to S$2.65 and the warrants up five cents to S$2.23 before suspension.

The company is currently the target of a takeover by a group of Indonesian tycoons, including businessman Johannes Kotjo.

The Indonesians have bought Guthrie GTS's stake of 40.2 percent of L&M Group at S$1.45 per share as well as 6.2 million warrants for Singapore 45 cents each.

Guthrie shareholders recently approved the sale of the L&M Group stake.

Dealers said there were rumors that L&M Group chairman Albert Hong might be selling his 16 percent stake in L&M Group.

They said Hong was not likely to stay on at the L&M Group after the Indonesians take control as he would have to accept a reduced role.

The Indonesians are expected to release a takeover document for the L&M Group by mid October.