LHN applies to transfer listing to SGX mainboard
Ry-Anne Lim
REAL estate management services provider LHN Limited ’s board of directors said on Friday (Aug 11) it intends to transfer the listing of the company from the Catalist board of the Singapore Exchange (SGX) to the mainboard.
The group submitted an application for the transfer on Friday, it said in a bourse filing.
LHN said transferring to the mainboard will provide the group with a more suitable platform for the listing and trading of its shares, given its substantial growth since its listing on the Catalist board.
The group’s board also reckons that the mainboard will improve its image locally and abroad, as well as give it greater visibility and recognition in the market and among investors. “This enables the company to recruit better talents, strengthen its brand and enlarge business opportunities.”
Furthermore, LHN pointed out that a listing on the mainboard will give it access to a larger and more diverse investor market and more opportunities for future fundraising.
“This will facilitate and enable the company to better tap into capital markets, both equity and debt, to meet the group’s funding requirements when needed, and provide the group with greater flexibility to pursue growth opportunities both locally and overseas,” it said.
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Given the company’s existing market position, growth and relative stability, the group believes that the transfer to the mainboard is “timely and appropriate”.
The transfer is subject to the in-principle approval of the SGX-ST; the company’s ability to meet all the relevant listing requirements in the Listing Manual for the transfer; as well as the approval of shareholders via a special resolution at an extraordinary general meeting that will be convened; among other conditions.
The group said it will update shareholders as and when there are material developments relating to the transfer.
Shares of LHN ended Friday at S$0.35, down 2.8 per cent or S$0.01, prior to the announcement.
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