Aspen (Group) Holdings

Aspen Group to raise $14.8 mil in convertible loans from Haitong for project financing
SINGAPORE (May 20): Aspen (Group) Holdings has entered into an agreement with Haitong International Financial Products (Singapore) to raise up to US$11 million ($14.8 million) via a convertible loan agreement. The proceeds will be used to finance Aspen’s investments in its associate company Global Vision Logistics in Shah Alam; the construction of the Central Park located in Aspen Vision ...
Oxley to acquire 10% stake in Aspen via placement for $23.3 mil
SINGAPORE (Apr 30): Oxley Holdings has agreed to subscribe to 97 million new shares at 24 cents each in Aspen (Group) Holdings via a placement exercise, for a total of $23.28 million. The transaction will see Oxley own a 10.07% stake in Aspen’s enlarged share capital following the allotment and issuance of the placement shares. The issue price represents a 14.72% premium to the volume ...
Aspen's 4Q earnings surge to $14.2 mil on higher revenue
SINGAPORE (Feb 28): Aspen Group saw its earnings surge to 42.0 million ringgit ($14.2 million) for the 4Q ended December on the back of higher revenue, from 4Q earnings of 1.5 million ringgit a year ago. This brings full-year earnings to a record high of 85.4 million ringgit in FY17, compared to losses of 0.3 million ringgit registered a year ago. 4Q17 revenue jumped more than four-fold to ...
Aspen could ride on Penang growth opportunities
SINGAPORE (Feb 1): Phillip Capital says Aspen (Group) Holdings’ flagship project, the 245-acre Aspen Vision City (AVC) in Penang, Malaysia, could benefit from the creation of communities and opportunities. “With the full works of residential, commercial, office, retail components as well as schools and medical facilities, AVC is set to welcome new communities of residents and workers ...
IPO boom feeds corporates. Will it benefit investors?
SINGAPORE (Dec 4): After a stellar performance in its first year as a publicly listed company, spray paint maker Samurai 2K Aerosol is raising more money at a valuation some five times above its IPO price. The Malaysian company, which makes coatings for the automotive industry, was the first to come to market this year and saw its shares jump 25% when it made its Jan 16 debut on Catalist. The ...
Aspen started at ‘buy’ as a Penang transformation play
SINGAPORE (Oct 20): RHB is initiating coverage on Aspen (Group) Holdings, the Penang-based property developer, at “buy” with a target price of 31 cents based on a 45% discount to a RNAV estimation of RM1.5 billion ($480 million). Compared to the typical discount of 20-30%, RHB says its higher discount reflects the group’s smaller size, shorter track record, and concentration risks. In ...
Aspen to buy freehold land in Selangor for $21.5 mil
SINGAPORE (Sept 28): Aspen (Group) Holdings’ wholly-owned subsidiary, Aspen Vision Development (Central), has entered into a sale and purchase agreement to acquire a plot of freehold land in Selangor, Malaysia for 66.7 million ringgit ($21.5 million). Spanning some 22,954 sqm, the currently vacant land is located in a matured township known as Kajang, approximately 30km from the Kuala Lumpur ...
Development of eco-city in Penang to benefit Aspen
SINGAPORE (Sept 19): OCBC likes developer Aspen for its ongoing property projects which are expected to contribute to an improvement of its development income. According to lead analyst Carmen Lee in a Monday unrated report, this will be apparent as takeup rates rise and companies shift their operations to Penang, Malaysia. OCBC says the bulk of the group’s projects are located at the ...
Aspen Group awards Vertu Resort contract to Kerjaya Prospek Group
SINGAPORE (Aug 17): Aspen Vision City, the joint venture company of Aspen Group and IKEA Southeast Asia, has awarded the main construction of Vertu Resort in Penang to Kerjaya Prospek. The RM442 million ($141 million) contract will see Kerjaya Prospek take charge of the overall building works of the resort. This included all civil and structural works, electrical works, external infrastructure ...
Aspen IPO 1.2 times subscribed
SINGAPORE (July 27): Aspen (Group) Holdings announced that its initial public offering was roughly 1.2 times subscribed. This was based on the total valid applications received for 202.9 million invitation shares and the invitation size of about 173.3 million shares. Out of 173.3 million new shares at 23 cents per invitation share, about 4.3 million invitation shares were by way of offer to ...