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SINGAPORE (Dec 28): Real estate management services group LHN has raised HK$79.8 million ($13.7 million) in total gross proceeds from its public offering of shares on the Hong Kong Stock Exchange.
LHN offered a total of 42.0 million new shares at HK$1.90 each. Upon completion, the offer shares represent approximately 10.4% of the enlarged share capital of the company.
The group says it plans to use the net proceeds of approximately HK$46.5 million to grow its business operations.
The net proceeds will mainly be used for the acquisition of properties in Singapore. It plans to use some HK$28.1 million to acquire a new property in Singapore for the expansion of its space optimisation business, and approximately HK$11.1 million to acquire another property in Singapore to operate a parking yard for its logistics vehicles and ISO tank depot.
The remainder of the net proceeds will be used for general working capital purposes, the setting up its first operation in China, and the acquisition of transportation equipment for its logistics services business.
“We are very proud to be successfully dual listed on the Main Board of HKSE, this represents a significant milestone for our group,” says Kelvin Lim, LHN’s executive chairman and group managing director.
“We are also encouraged by the warm response shown by the investing community globally and in Hong Kong for our dual primary listing. This is a real testament to the faith in our group’s strategic direction and growth profile,” he adds.
LHN will make its trading debut on HKSE at 9am on Friday, Dec 29.
Shares of LHN on SGX last closed at 21.5 cents on Wednesday.