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Hot stock: Astaka Holdings lists on Catalist at 24.5 Singapore cents

Artist's impression of Astaka Padu’s mixed development in Iskandar region, Johor, Malaysia.

ASTAKA Holdings, which was listed on the Singapore Exchange's Catalist board on Monday following the acquisition of Astaka Padu Limited by E2-Capital Holdings Limited, opened at 24.5 Singapore cents on Monday.

E2-Capital Holdings Limited changed its name to Astaka Holdings following the acquisition. Upon completion of a placement exercise raising about S$58 million, the enlarged entity would have an estimated market capitalisation of about S$449 million.

Astaka Holdings is a Malaysia-based property developer that focuses on high-end projects in Iskandar Malaysia. It is currently developing 1 Bukit Senyum in two phases - the first phase includes freehold service apartment towers, and the second is a freehold integrated development project comprising a retail mall, a five-star hotel, convention centre, office space, service apartments and commercial suites.