Aspen (Group) Holdings is set to transfer the listing of its shares to the Mainboard of the Singapore Exchange from the Catalist board.
This comes after the Malaysia-based property company received an approval in-principle from SGX on Dec 22 to do so.
Aspen was listed on Catalist on July 28, 2017 via an IPO of its shares.
On Oct 26, the company announced its intention to transfer its listing for the purposes of promoting its corporate profile and creating greater visibility in the capital markets.
SEE: Aspen Group in JV with Oxley to develop integrated project in Penang
This, it says, could result in a larger investor base and accord the company with a wider platform and better opportunities for future fund raising.
Aspen says it will convene an extraordinary general meeting not later than Jan 31, 2021 to seek shareholder approval for the proposed transfer.
“We are pleased to have received the approval in-principle from SGX,” says M Murly, president and CEO of Aspen.
“The proposed transfer will be beneficial to the future growth, financing flexibility and business development of the group, which will in turn enhance the long-term value for shareholders.”
As at 12.35 pm, Aspen was up 1.5 cents or 7% at 23 cents with 11.2 million shares changed hands.
