Thakral to receive up to £8.1 million in proceeds from potential sale of stake in UK company

[SINGAPORE] Thakral on Thursday (Sep 25) announced that it may receive proceeds of up to £8.1 million from the sale of shares of The Beauty Tech Group (TBTG), a UK-based entity in which it holds a stake of around 9.6 per cent.

This comes as TBTG is moving ahead with plans for an initial public offering (IPO) on the London Stock Exchange, having lodged its IPO prospectus on Wednesday.

TBTG has also set its price range for the offering at £2.51 to £2.91 per share. This implies an estimated market capitalisation of between £280 million (S$485 million) and £320 million pounds at the time of the listing, which is expected to take place in October.

Thakral said it has given its in-principle commitment to sell up to around 2.9 million of its TBTG shares, which represent a pre-dilution interest of 2.86 per cent.

If the share sale takes place, it expects to receive proceeds of minimally £6.97 million and up to £8.09 million, based on the indicative price range for the IPO.

The total carrying value of Thakral’s investment in TBTG, based on its latest financial statements for the fiscal year ended Dec 31, 2024, stood at S$17.1 million.

Thakral said it will make further announcements on the intended use of the proceeds from the potential stake sale.

The company previously noted the potential of a “positive uplift” to its financial position arising from the sale of TBTG shares and an increase in the value of its remaining effective interest in the company, of around 6 per cent.

Thakral is led by chief executive Inderbethal Singh Thakral and has been listed on the Singapore Exchange mainboard since December 1995. It owns investments in Australia, Japan and Singapore.

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Thakral shares ended Wednesday higher by 1.3 per cent or S$0.02 at S$1.60.