Shares in One Heritage Group PLC (LSE:OHG) (OHG) dropped 25% after the company announced a major restructuring that includes rebranding to Zentra Group and a shift in its operational focus.
OHG is moving away from in-house construction and co-living services due to rising costs and market challenges.
It will now focus on residential development and property management under two new sub-brands, "Living" and "Homes."
As part of the restructuring, OHG has agreed to sell a £7 million portfolio and reduce its debt to £9 million. Additionally, OHG is considering delisting from the London Stock Exchange and transitioning to the Aquis Stock Exchange.
In morning trading, the stock was off 1.5p at 4.5p.