Thakral seeks Mainboard listing of lifestyle business spin-off

The operations include beauty and fragrance brands in Greater China and Japan. 

Thakral Corporation has submitted a pre-clearance application to spin off selected segments of its lifestyle business into a separate company and list the entity on the Mainboard of the Singapore Exchange (SGX).

The businesses include premium beauty and fragrance brands in Greater China and Japan, as well as the DJI distribution in South Asia and Nespresso retail and distribution in India, according to a bourse filing.

The company said SGX has indicated that it has no objection to Thakral’s submission that the proposed transaction would not amount to a chain listing, subject to compliance with listing requirements and guidelines.

Thakral expects to retain a majority stake in the new entity, with its financial results continuing to be consolidated under the group if the spin-off and listing proceed.

Meanwhile, its real estate and real estate-related investments, as well as its drone and next innovation ventures businesses, will remain under the existing Thakral group.

The group will undertake an internal restructuring before the proposed listing to consolidate the relevant businesses under a new holding company.

The transaction remains subject to shareholder approval at an extraordinary general meeting and regulatory approvals.

RHB Bank and United Overseas Bank have been appointed as joint financial advisers for the spin-off and as joint issue managers, global coordinators, bookrunners, underwriters, and placement agents for the proposed listing.