ASPEN GROUP COMMENCES TRADING ON SGX-ST MAINBOARD

GEORGE TOWN, Jan 28 -- Penang-based property development and real estate investment company Aspen Group officially commenced trading on the Singapore Exchange (Security Trading) SGX-ST Mainboard today following its successful transfer from SGX Catalist to the Mainboard.

Aspen Group was listed on SGX Catalist on July 28, 2017 through an initial public offering of its shares and later announced its intention to transfer its listing from the Catalist Board to the Mainboard on Oct 26 last year.

“We are pleased to announce that we have officially moved to the Mainboard after trading on the Catalist Board for the last 3.5 years. Our intention for the move was to increase the Group’s exposure and improve our access to the larger capital markets, including institutional and retail investors,” Group president and chief executive officer Datuk M. Murly said in a statement today.

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Murly said Aspen Group has diversified into the healthcare sector with the manufacturing and distribution of high-quality medical grade latex and nitrile gloves under its subsidiary, Aspen Glove Sdn Bhd (Aspen Glove). 

He said Aspen Glove’s offtake of its entire 2021 production for the first six production lines of gloves valued at US$100 million (approximately RM404.55 million).

“We believe that being on the Mainboard will be beneficial to the future growth of the Group and allows for greater financing flexibility for business expansion, including our glove manufacturing business, which will in turn enhance the long-term value for our shareholders,” he said.

Meanwhile, Aspen Group also announced that the construction of the glove manufacturing facility and its initial six production lines are progressing on schedule with plans to accelerate the construction of Phase 1b and Phase 2 for an additional six and 12 new production lines, respectively.

Murly said the Group is targeting to award the machinery procurement for Phase 1b by early February this year while the building construction to house the new production of an additional 12 lines for Phase 2 will commence in March 2021 with completion targeted within six months.

“Production of gloves under Phase 2 is expected to commence in 2Q2022 which will bring the total annual production capacity for Aspen Gloves to approximately seven billion gloves by 2Q2022,” he added.

-- BERNAMA