LHN jumps 8.6%, closes at record high on SGX approval of proposed Coliwoo listing

[SINGAPORE] Shares of LHN advanced for a second day straight on Thursday (Sep 11) morning after its proposed spin-off of its co-living business received approval.

The stock extended its rally from Wednesday, when it finished the day 8.1 per cent higher at S$0.93.

As at 9.45 am, it climbed 8.6 per cent or S$0.08 above Wednesday’s closing price to S$1.01, with around 4.7 million shares changing hands.

This is the highest price LHN shares have reached since it listed on the Singapore Exchange (SGX) in April 2015, ShareInvestor data indicated.

It closed Thursday at S$1.01, up 8.6 per cent or S$0.08, with some 11.5 million shares transacted.

On Wednesday, LHN announced that its Coliwoo business had on Sep 9 received conditional approval from the SGX for a mainboard listing.

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The real estate management services group first announced its proposed spin-off of the co-living business in April.

In a separate announcement on Wednesday, the company provided an upbeat business update of its third-quarter performance – where it noted that its space optimisation business remained a major revenue contributor.

It also announced that its proposal to delist from the Hong Kong Stock Exchange had been approved by its shareholders and the bourse’s authorities.