LHN surges over 5.2% after securing eligibility for Coliwoo mainboard listing, Q3 update

[SINGAPORE] Shares of LHN jumped 5.2 per cent minutes after market open on Wednesday (Sep 10). The increase comes after its receipt of conditional approval to list its subsidiary on the Singapore Exchange (SGX) and its third-quarter performance.

Its shares climbed S$0.045 to S$0.905 as at 9.33 am, up from its previous closing price of S$0.86.

It said on Wednesday that it had received a letter from SGX confirming that the proposed spinoff of Coliwoo is conditionally eligible for a listing on the mainboard. The eligibility to list is valid for three calendar months from Tuesday, when it received the letter.

The listing is subject to certain fulfilment conditions such as compliance with the listing requirements, pre-quotation disclosure of certain information required and the submission of certain documents.

In a separate announcement, LHN said its shareholders have approved an ordinary resolution for its proposed delisting from the Hong Kong Stock Exchange mainboard, citing weak demand from Hong Kong investors and the low trading volume of its shares there.

It added that its space optimisation business remained a major revenue contributor in the third quarter, with its co-living business continuing its growth after the opening of Coliwoo Hotel Kampong Glam.