Change in indirect ownership of LHN Logistics’ unit to bear a $4.12m fee to JTC

The fee is one of the pre-conditions for LHN Logistics privatisation.

A fee of $4.12m has to be paid to JTC Corporation for LHN Limited to change its indirect ownership in LHN Logistics’ subsidiary Hean Nerng (HN) Logistics.

In a bourse filing, LHN Limited said it needs to pay the fee and receive written consent from JTC Corporation to allow the change in ownership of HN Logistics.

LHN Limited has received the latter, adding that JTC had no objections to the ownership change.

The written consent for the ownership change is amongst the pre-conditions in Milky Way Chemical Supply Chain Service’s offer to take LHN Logistics private.

Assuming that HN Logistics bears $1m of the $4.12 JTC Fee, LHN Limited said the group's net tangible asset attributable to its shareholders will fall to $181.95m and the net tangible asset per share will decline to $0.4449.

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