LHN obtains approval from controlling shareholder for acquisition of Balestier property
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LHN Limited has obtained written approval from its controlling shareholder for its acquisition of a property in Balestier, it said in a filing to the Singapore Exchange on Tuesday.
As a result, it will not hold an extraordinary general meeting to seek shareholder approval for the transaction.
Fragrance Ltd, which represents 54.91 per cent of LHN's share capital, has approved the Balestier acquisition and transactions contemplated under the option to purchase. The circular setting out further details will be despatched to shareholders on Wednesday.
LHN will be purchasing a four-storey corner building at 320 Balestier Road for S$18.1 million through its indirect wholly-owned subsidiary Coliwoo Balestier, and intends to operate it as a co-living space.
Shares of LHN closed unchanged at S$0.188 on Tuesday before the announcement.
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