Coliwoo (TK), a subsidiary of LHN, is in the process of acquiring GSM Building, through public tender. The acquisition is expected to be completed on May 9. On April 22, LHN entered into a sale and purchase agreement with Macritchie Developments. Under this agreement, Coliwoo Holdings will sell 20% of GSM Building to Macritchie Developments. Upon completion of the disposal, GSM Building will be 80% owned by LHN and 20% by Macritchie Developments.
In 2023, LHN acquired GSM Building in an en-bloc sale for $80 million. Earlier this year, following the grant of an order for sale, LHN had said it plans to complete its acquisition of the asset on May 9. As of Feb 9, LHN had already paid a deposit of $4 million. Within seven days from the Order for Sale grant, LHN must pay a further $4 million and the remaining 90% of the consideration upon the completion date.
Macritchie Developments is 90% owned by Ching Chiat Kwong, chairman and CEO of Oxley Holdings 5UX , and 10% held by Shawn Ching.
Shares in LHN closed unchanged at 32 cents on April 22.
