Aspen seeks transfer to SGX's main board

GEORGE TOWN: Penang-based property developer Aspen (Group) Holdings Ltd is looking to transfer its listing from the Catalist Board of Singapore Exchange Securities Trading Ltd (SGX) to the exchange's main board.

Aspen said in an announcement that it had submitted an application to SGX in relation to the proposed transfer.

"The board considers that the proposed transfer would promote the company's corporate profile and recognition in the market and amongst public investors and enhance the image of the company, both locally and overseas.

"Further, a listing on the main board 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," it said.

The move would allow it to better tap into capital markets (both equity and debt) to maximise growth potential, Aspen group president and chief executive officer Datuk Murly Manokharan said.

Founded in 2013, Aspen has been focusing on developing affordable residential and mixed development properties, targeting middle-income mass market purchasers.

Its flagship mixed development project located in Penang - Aspen Vision City - is touted as a sustainable and integrated development that comprises residential and commercial developments, hotels, hospitals, international schools and a central park.

Aspen entered into a joint venture agreement with Ikano to develop parts of Aspen Vision City, where Ikano has built the first the northern region's first IKEA store at Batu Kawan on mainland Penang.

In 2017, SGX had welcomed Aspen to Catalist.

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