LHN makes progress with proposal to list Coliwoo, delisting from Hong Kong bourse

[SINGAPORE] Co-living business Coliwoo on Tuesday (Sep 9) received a letter from the Singapore Exchange Securities Trading (SGX-ST) that declared it to be conditionally eligible for a listing on the bourse’s mainboard.

Its parent company LHN Group had proposed spinning it off and taking it public in April. LHN, which is listed on the SGX and Hong Kong Stock Exchange (HKEX), submitted applications to both bourses for the proposed spin-off and listing of Coliwoo shares on the Singapore bourse’s mainboard.

Coliwoo will be eligible for a mainboard listing subject to its compliance with and fulfilment of conditions laid out in SGX’s eligibility-to-list criteria.

These include its compliance with the bourse’s listing requirements, its submission of certain documents and pre-quotation disclosure of certain information that SGX-ST requires.

LHN noted that the eligibility-to-list criteria is valid for three calendar months, starting from Tuesday, and is subject to changes to SGX-ST’s policies or listing requirements.

“The SGX-ST has further reserved the right to impose further terms and conditions or withdraw or amend the eligibility-to-list (criteria) at any time, in the sole and absolute discretion of the SGX-ST, without giving any reasons for its decision,” LHN said.

“Accordingly, there is no assurance as to whether and when the initial public offer and the proposed listing will be launched and completed,” it said.

HKEX delisting and Q3 business update

In a separate announcement on Wednesday, LHN said that its proposal to delist from HKEX received shareholder approval at its Jul 28 extraordinary general meeting.

Shareholders approved an ordinary resolution for its proposed delisting from the HKEX mainboard, and the resolution passed with 99.99 per cent of votes cast in its favour.

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LHN proposed the delisting on Jul 4, citing weak demand from Hong Kong investors and low trading volume of its shares as the rationale.

The HKEX listing committee approved the delisting proposal on Aug 21.

The last day of trading of LHN shares on HKEX is expected to be Oct 30, and the company will delist on Nov 4 at 4 pm.

In its Q3 business update, LHN said its space optimisation business remained a major revenue contributor.

As at Jun 30, LHN managed more than 330,000 square feet (sq ft) under its commercial properties and over 1.8 million sq ft under its industrial properties.

During the quarter, it renewed two existing master leases for industrial properties at Depot Lane and Woodlands Mandai Estate, while its Work+Store storage solutions business launched its second air-conditioned facility at 38 Ang Mo Kio.

Its co-living business continued to grow in Q3 as Coliwoo Hotel Kampong Glam began operations.

The company also secured one new master lease for a state-owned property at 159 Jalan Loyang Besar, which commenced on Jun 1, adding 382 rooms to its portfolio. The property will be converted into a resort chalet and is set to start operating in Q3 FY2026.

LHN shares ended Tuesday at S$0.86, 3 per cent or S$0.025 higher.