 LHN's stock price hit a year-high of 24c on 28 Dec 2017.(Bloomberg chart) The stock price of Catalist-listed LHN Limited surged to a year-high of 24 cents on Thursday (28 December) as the market acted on its new Mainboard status on the Hong Kong Stock Exchange. |
The property management-cum-logistics service provider recently raised S$13.7 million (HK$79.8 million) via a dual-listing in Hong Kong.
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LHN Limited (Photo: Company Facebook) |
The Hong Kong tranche, offered at HK$1.90 per share, was about 5.93 times oversubscribed. Its international offering tranche was also oversubscribed.
42 million new shares were issued, representing 10.4% of LHN's enlarged share capital.
90% was allocated to the Hong Kong tranche and 10% to the international tranche.
The dual-listed shares trade from 9 am today (29 December).
About S$4.8 million, amounting to 60.4% of its net proceeds of HK$46.5 million, will be used to acquire a property in Singapore for its space optimisation business.
LHN specializes in converting old, unused and under-utilized industrial, commercial and residential properties into thoughtfully designed and highly usable space.
Another S$1.9 million (23.9% of net proceeds) will be used to purchase a parking yard in Singapore for its logistics business.
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Stock price |
24 c |
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52-week range |
16.1 – 24 c |
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PE |
36.7 |
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Market cap |
S$84.7 m |
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Average Vol. (30-day) |
807,913 |
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Dividend |
0.85% |
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Year-to-date return |
22.6% |
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Source: Bloomberg |
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The Group owns a fleet of prime movers, road tankers and trailers for transporting mainly ISO tanks, containers, base oil and bitumen between ports, bulk liquid loading terminals.
Its logistics customers are primarily oil majors, overseas ISO tank operators, freight forwarders and chemical traders.
The remaining 15.7% will be used for its foray into China, acquisition of transportation vehicles for its logistics business, and as general working capital.