Penang

Briefs

SINGAPORE (June 17): “We remain firmly committed to our growing traditional meat business and expect to be a market leader in alternative protein.”Noel White, CEO of Tyson, a leading producer of meat.

Alibaba’s giant IPO

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Malaysia theme park operator seeks Singapore listing to fund Shandong attraction

(Oct 10): Sim Leisure is planning a Singapore initial public offering of its Malaysian theme park business, which offers water slides, dunk tanks and tree swings at its Penang location.

A sale of new and existing shares could raise about $10 million to $12 million, said Sim Choo Kheng, the company’s founder and chief executive officer. Proceeds from the deal, which could take place by January, will be used to fund a new park in eastern China’s Shandong province, he said in an Oct 8 interview in Singapore.

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.

Aspen started at 'add' on good margins and strong earnings growth

SINGAPORE (Sept 29): CIMB is initiating Aspen Group Holdings, the Penang-based property developer, with an “add” rating and a target price of 29 cents.

In a Thursday report, analyst Lock Mun Yee says, “Aspen’s key value proposition is its niche in the value-added affordable mass residential market in Penang.”

The group also has a strategic relationship with Ikano as the joint owner of the Bandar Cassia Shopping Centre and joint master developer for the mixed development Aspen Vision City (AV City) in Bandar Cassia, Batu Kawan.

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.

Perennial and IJM unveil $1.5 bil integrated waterfront development in Penang

SINGAPORE (May 9): IJM Perennial Development, a joint venture between IJM Corporation and Perennial Real Estate Holdings officially unveiled The Light City, an integrated mixed-use waterfront development located in Gelugor on the eastern coast of Penang, Malaysia.

The total gross development value of the project is expected to exceed RM4.5 billion ($1.5 billion). Construction at the 32.76 acre freehold site is starting soon with 2021 being the expected completion date.

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