SINGAPORE (Aug 18): Aspial Corp, the listed jewellery, pawn-broking and property group, is planning spin off its real-estate businesses in Malaysia and Australia, in a listing on Catalist.

The company announced that it has locked in total revenue of about $620 million in Singapore – to be recognised progressively using the percentage of completion method – and over A$1.05 billion of sales revenue in Australia from its Australia 108 and Avant projects, to be recognised upon completion.

At current market prices, the potential sales revenue from the group’s remaining local and overseas property development projects is estimated to be in excess of $2 billion.

Today, Aspial also launched a retail offering of five-year bonds which carry a fixed interest of 5.25% p.a, payable twice a year. There is a public offer (retail) tranche of up to $50 million and a placement tranche of up to $25 million.

The minimum amount for the public offer is $2,000 per application, and for the placement trance $100,000. The offer opens on Aug 19 and closes at noon on Aug 26.

The net proceeds from the offer will be used for general corporate funding requirements including the refinancing of existing borrowings, working capital and capital expenditure and investments.

Aspial announced a net profit of $53.6 million for FY2014, or 2.41 cents per share. However profit for 1HFY2015 was only $483,000. FY2014’s results include a revaluation gain of $25 million.

Aspial’s last traded at 39 cents on Aug 4 or 2.34 times its net asset value of 16.6 cents as at June 30.