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Aspen Group to award machinery procurement for Aspen gloves by early Feb, to launch new projects worth RM500m within its Aspen Vision City masterplan

SINGAPORE (Jan 28): Aspen Group will officially begin trading on the Mainboard of the SGX-ST on Jan 28 following its transfer from the Catalist board.

The group was listed on the Catalist board via an initial public offering (IPO) of its shares on July 28, 2017.

“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”, says Dato’ M Murly (pictured), the group’s president and CEO.

“Recently, the Group diversified into the healthcare sector with the manufacturing and distribution of high-quality medical grade latex and nitrile gloves. 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 adds.

In addition, Murly revealed that the group is targeting to award the machinery procurement for the six additional production lines by early February.

“Concurrently, we are negotiating on a sales contract for the production from Phase 1b and will make further announcements if and when we have entered into a definitive agreement which we expect to take place within 1Q2021”, he says.

For FY2021, Aspen revealed that it targets to launch new projects with an estimated gross development value of RM500 million (S$163.9 million) within its Aspen Vision City master plan development undertaken jointly with IKEA Southeast Asia.

It adds that its focus for FY2021 will include the commencement of the development of the integrated e-commerce logistic hub in Shah Alam through the joint venture with Logos SE Asia Pte. Ltd.

Shares in Aspen closed 0.5 cent higher or 1.9% up at 26.5 cents on Jan 27.

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