Penang developer Aspen (Group) Holdings wants to upgrade its listing from Catalist to the Mainboard, so as to raise its visibility and its public image among investors, says president and group CEO Murly Manokharan in a statement via SGX.
“Further, a listing on the Mainboard would provide the company with greater visibility in the capital markets, which could result in a larger investor base and accord the group with a wider platform and better opportunities for future fund raising,” says the company, which has announced plans to diversify into glove making.
“This will allow the company to better tap into capital markets (both equity and debt) to maximise the group’s growth potential,” the company adds.
The proposed transfer is subject to the in-principle approval of the Singapore Exchange; meeting the minimum shareholding spread requirements applicable to Mainboard listing applicants and also approval by shareholders at an EGM to be called.
Aspen shares closed Oct 26 at 22 cents, down a cent, or 4.35%.
At this level, the company has a market capitalisation of $216.3 million.
See also: Aspen to build glove making plant with bigger capacity of 1.5 billion instead of 1.1 billion units
