Aspen's business operations in Malaysia remain closed

Published Wed, Mar 25, 2020 · 01:59 PM

Malaysia-based developer Aspen (Group) Holdings said on Wednesday that it will continue to close its headquarters, offices and sales galleries in Malaysia, and halt construction works for ongoing projects, with Malaysia having extended its movement control order till April 14.

The group said that it does not expect any material financial impact on the earnings per share and net asset value per share for the financial year ending Dec 31, 2020. But the impact of the pandemic on the global and domestic economy is expected to "impair the group's earnings capacity and ability to secure new sales for ongoing and new projects in the next 12 months".

Employees will continue to support business operations from home where possible, and the firm will resume business operations and construction works fully once the movement control order is lifted, subject to any further directive from the government of Malaysia.

Aspen shares closed up 9.6 per cent to S$0.08 on Wednesday.