LHN’s Coliwoo unit sells 20% of stake in subsidiary for S$20,000

MAINBOARD-LISTED LHN said on Monday (Apr 22) that its indirect wholly-owned subsidiary, Coliwoo Holdings, has disposed of its 20 per cent interest in Coliwoo (TK), a LHN subsidiary that is looking to acquire a property through public tender.

Coliwoo Holdings will sell 20,000 shares of Coliwoo (TK) to independent real estate development company Macritchie Developments for S$20,000. This represents 20 per cent of Coliwoo (TK)’s total issued share capital.

The consideration was based on the nominal value of the shares of Coliwoo (TK) and had taken the negative book value of the company as at Mar 31, 2024 into account.

Upon completion of the disposal, Coliwoo (TK) will be 80 per cent owned by Coliwoo Holdings and 20 per cent owned by Macritchie Developments.

Coliwoo (TK) will also remain a subsidiary of LHN. Its acquisition of the property is expected to be completed on May 9, 2024.

Macritchie Developments is a limited liability company incorporated in Singapore and engages in real estate development business. It is a joint venture partner of LHN Group via Jadeite Properties, which LHN has an indirect 50 per cent stake in.

Shares of LHN closed flat at S$0.32 on Monday, before the announcement.