Thakral to Spin Off Lifestyle Businesses on SGX Mainboard

Thakral Corporation plans to spin off its lifestyle businesses for a separate listing on the SGX Mainboard.

Thakral plans to retain a majority stake in the standalone business unit following the spin-off, while Thakral Corp shares closed down 0.61 per cent at $1.63 on Sept 7.

Carving out retail and brand distribution

The business lined up for the initial public offering handles marketing and retail distribution for beauty and fragrance labels across Asia, particularly Greater China and Japan. The unit also manages South Asian distribution for DJI products alongside retail and distribution of Nespresso products in India.

RHB Bank and United Overseas Bank have been appointed joint issue managers to structure the transaction. Two other divisions will remain with the parent group. These include property development and asset management operations across Australia, Japan and India. Thakral will also keep its enterprise drone components and software business, alongside strategic venture holdings.

Pure-play valuation against conglomerate discount

Brand distributors in Asia often command distinct valuation multiples compared to diversified holding companies. Grouping cosmetics with Australian retirement villages and industrial drone parts created a conglomerate discount on the SGX. That mix obscured cash generation across the retail agency business.

A spin-off creates a direct play on prestige beauty demand in East Asia and consumer appliance growth in India. For principals like Nespresso and DJI, a separately capitalised distributor with its own balance sheet offers cleaner operational reporting. It also concentrates market risk directly in Chinese and Japanese consumer spending.

Shareholder vote and regulatory pipeline

Earnings swings hit the parent level earlier in the fiscal year. Thakral posted an adjusted attributable profit of $3.3 million in the first quarter of fiscal 2026. It then recorded a $6.4 million loss in the first half because of fair-value adjustments tied to its GemLife property venture in Australia. The group also expanded its real estate exposure by taking an additional 81.6 per cent stake in a mixed-use healthcare development in Gurugram, India.

Completing the listing requires SGX approval, regulatory clearances and a formal vote by Thakral Corporation shareholders.