SINGAPORE (July 22): Crigen Resources Berhad has successfully listed on the 1exchange platform (1X), Singapore’s first regulated private securities exchange via a fully online campaign and listing process on Wednesday.

This is the private exchange’s first cross-border private direct listing, and some 28% of Crigen’s existing shares were listed at an aggregate value of $2 million.

Crigen is the operator of Malaysia-based wellness and aesthetics provider, Danai Spa. Founded in 2003, Danai Spa currently operates seven outlets across Malaysia, with plans to open a further five outlets in the two years.

In a Wednesday release, Crigen said Danai Spa expects a Compound Annual Growth Rate (CAGR) of 28.6% in revenue from FY2019A to FY2022E, and a projected CAGR of 56.8% in net profit from FY2019A to FY2022E.

The company also added the listing on 1X is a key milestone in Danai Spa’s path towards its long-term goal of an eventual Initial Public Offering (IPO) on the Australian Public Market.

Chris Daniel Wong, who is Corporate Affairs Director & Co-founder of Crigen, said “With the added liquidity and access to a larger pool of investors through the 1X platform, the Company intends to leverage on its deep experience and steady track record to pursue its business strategy of further domestic growth, new market expansion, diversification of revenue streams, and the development new capabilities in the areas of digital health and wellness.”