Penang

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 ...
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 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 ...
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 ...
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 ...