[SINGAPORE] Singapore property portal Ohmyhome has sold its main real estate brokerage business and will now focus entirely on digital marketing.
In Jun 18 filings lodged with the US Securities and Exchange Commission, the Nasdaq-listed company said it had sold its wholly owned subsidiary, Ohmyhome (BVI), to a corporate vehicle called Sterling Oat for US$1 (S$1.30).
Ohmyhome BVI is the holding company of Ohmyhome Singapore and its subsidiaries, which are engaged in providing real estate brokerage and property-related services in Singapore and Malaysia.
These services include property brokerage, property management, renovation and home improvement services, mortgage referrals, legal referrals and other ancillary property-related services.
Ohmyhome said it decided to dispose of its subsidiary after evaluating its declining revenue and continuing operating losses.
It added that the purchase price of US$1 was determined based on the negative net asset position of Ohmyhome BVI. As at Mar 31, the subsidiary’s liabilities exceeded its assets by S$14.77 million, the filings showed.
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