LHN’s logistics arm to be spun off, will raise S$5 million through IPO
LHN Logistics lodged its final offer document on Tuesday (Apr 19) as its parent company, property player LHN Group : 41O 0%, looks to spin off and list its logistics arm. Through the initial public offering (IPO), LHN Logistics will raise approximately S$5 million through the listing of 25,238,000 placement shares at S$0.20 each.
The net proceeds will amount to approximately S$3.6 million, after deducting the estimated listing expenses payable in cash by the company.
S$3.2 million of the net proceeds will go towards the partial financing of the construction of the company’s ISO tank depot at 7 Gul Avenue, while the remainder will go towards the expansion of the company’s transportation fleet and acquisition of moving equipment.
Based on the placement price and post-placement share capital of 167,678,800 shares, the newly-listed company will have a market capitalisation of S$33.5 million.
The earnings per share of the group based on the company’s post-placement share capital will amount to S$0.0198, while its share price will be 10.1 times that of its earnings in FY2021.
The company’s adjusted net asset value (NAV) per share, including adjustments for the estimated net proceeds from the allotment and issue of placement shares and based on the post-placement share capital of 167,678,800 shares, stands at S$0.0957.
Upon completion of the placement, LHN will remain a controlling shareholder with approximately 84.1 per cent of the post-placement issued share capital.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama