LHN's (SGX:41O, HKG:1730) subsidiary, Coliwoo Holdings, entered into a share sale and purchase agreement with CWL Properties to dispose of its entire stake in a step-down subsidiary, according to a filing with the Singapore Exchange on Wednesday.

The consideration of the sale shares comprises a purchase price of SG$25.8 million, including an earnest deposit of SG$260,000 and a further deposit of SG$1.3 million, which has been paid by the seller.

The remaining balance will be paid at the closing date set for July 31.

Net proceeds from the disposal will be used for cash flow purposes and for future development and investment.