Hot stock: Aspen sees higher trading after Malaysia trade ministry approves glove production

Vivienne Tay

Published Thu, Oct 29, 2020 · 01:56 AM

SHARES of Aspen (Group) Holdings saw heavy trading on Thursday morning following its announcement that it has obtained the green light from Malaysia's trade ministry to produce medical-grade examination gloves.

The counter was among the top traded on the Singapore Exchange (SGX), with 3.7 million shares changing hands as at 9.09am. Shares of the Malaysian property developer and soon-to-be glove maker were up 3.9 per cent or one Singapore cent to 26.5 cents.

The board said the company's glove unit Aspen Glove on Wednesday obtained the approval for a manufacturing licence from the Ministry of International Trade and Industry Malaysia to produce nitrile medical-grade examination gloves and natural rubber medical-grade examination gloves.

Aspen Glove is a joint-venture company created by Aspen and global capital market investor CMY Capital. Aspen Glove has also leased a plot of land in Kulim Hi-Tech Park, in the Malaysian state of Kedah, to build its first factory to manufacture latex and nitrile gloves.

Shares of Aspen (Group) Holdings surged 25 per cent on Tuesday after the company announced plans to transfer its listing to the SGX's mainboard. It said in a Monday bourse filing that transferring its listing to the mainboard will boost its visibility in the market to help future fundraising efforts.