Aspial Lifestyle moving to SGX mainboard on May 4 after meeting public float requirement
Parent Aspial Corp divests 10 million shares, raising subsidiary’s public float above 15%
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[SINGAPORE] Catalist-listed Aspial Lifestyle will move its listing to the mainboard of the Singapore Exchange (SGX) on May 4.
Trading of its shares on the mainboard will commence at 9 am that day, the company announced in a Tuesday (Apr 28) bourse filing.
The confirmation of the proposed mainboard transfer, announced on Mar 4, comes after Aspial Lifestyle met all the conditions laid out in the in-principle approval for the shift granted by SGX.
In March, the local bourse announced its in-principle approval of the upgrade to the mainboard, subject to several requirements.
These included shareholders’ approval and a minimum public float requirement – at least 15 per cent of its issue capital had to be owned by no fewer than 500 shareholders who are members of the public.
The subsidiary of Aspial Corp narrowly fell short of this requirement as at Mar 4, with 14.94 per cent of its entire share capital in public hands.
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Aspial Corp divested 10 million shares – around 0.54 per cent of Aspial Lifestyle’s share capital – at S$0.31 apiece, amounting to S$3.1 million in total.
The sale put Aspial Lifestyle in compliance with the minimum public float requirement by bringing the percentage of its share capital owned by the public above 15 per cent. Meanwhile, Aspial Corp’s stake in the group was lowered to 70.79 per cent from 71.33 per cent.
On Mar 4, Aspial Lifestyle said the transfer to the mainboard was to enhance the group’s ability to access equity and debt capital markets, as the investment mandates of some institutional and international investors focus on mainboard-listed firms.
This would support future funding requirements and improve financial flexibility for expansion pursuits, including the diversification of its revenue streams, it added then.
Aspial Lifestyle’s net profit more than doubled to S$80.7 million in the FY2025 ended December, from S$34.3 million in FY2024. Full-year revenue jumped 41 per cent to S$830.1 million.
Shares of Aspial Lifestyle closed on Tuesday at S$0.42, down by 3.4 per cent or S$0.015. Year to date, the counter has more than doubled from S$0.20 in January.
Shares of Aspial Corp ended the day at S$0.133, down by 1.5 per cent or S$0.002.
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