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[SINGAPORE] LHN Group intends to bring its co-living business, Coliwoo Group, public on the Singapore Exchange.
The real estate management services group, dual-listed on both the mainboards of SGX and Hong Kong Stock Exchange (HKEX), has submitted applications to both exchanges for the proposed spin-off and separate listing of the shares of Coliwoo on the mainboard of SGX.
In a bourse filing released after the market closed on Tuesday (Apr 15), LNH said that SGX’s regulatory body agrees that the proposed spin-off did not amount to a chain listing, subject to compliance with the local bourse’s listing requirements.
A chain listing refers to a situation in which a subsidiary or parent company of an existing listed issuer is not being considered suitable for listing if the assets and operations of the applicant are substantially the same as those of the existing issuer.
LHN said: “The SGX-ST (Singapore Exchange Securities Trading) reserves the right to amend and/or vary the SGX-ST concurrence and such decision is subject to changes in the SGX-ST’s policies.
“As of the time of this announcement, the HKEX is still considering the company’s application, and the Coliwoo Group has not submitted any formal listing application to any relevant regulatory authorities”. The group added that the proposal was at an early stage, and that there is no assurance that the plan would materialise.
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LHN noted that Coliwoo, as its indirect wholly-owned subsidiary, was incorporated in Singapore on Dec 24, 2024, and would hold the co-living business of the group upon the completion of an internal restructuring exercise.
The group has four business segments in the areas of:
The co-living business falls under space optimisation business, independent of other three business segments.
LHN expects to continue holding a majority shareholding in Coliwoo, which will continue to be consolidated with the group, assuming the proposed spin-off is successful.
Shares of closed Tuesday up 1.2 per cent, or S$0.005, to S$0.42, before the announcement.
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