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.