Pacific Star seeks listing via S$140m RTO with LH Group

LH GROUP said on Thursday it plans to undergo a S$140 million reverse takeover (RTO) with real estate fund management company Pacific Star Development.

Singapore-based Pacific Star has invested on behalf of its institutional investors in several prime properties such as Wisma Atria, Ngee Ann City and Tripleone Somerset. It has two on-going mixed-use development projects in Iskandar Malaysia and Bangkok.

In backdoor listing, a listed company acquires the business of a private company and issues new shares to the existing shareholdings of this target company. The end result is that the target company eventually becomes a controlling shareholder of the listed entity.