Hot stock: Aspen shares surge 13.6% on plans to transfer to mainboard

Vivienne Tay

Published Tue, Oct 27, 2020 · 03:08 AM

SHARES of Catalist-listed Aspen (Group) Holdings jumped 13.6 per cent after the Malaysian property developer and soon-to-be glove maker announced plans to transfer its listing to the Singapore Exchange's (SGX) mainboard.

The counter hit an intraday high of S$0.25, up 13.6 per cent or S$0.03 as at 10.42am. It was also the fourth most traded by volume at that time, with 16.3 million shares changing hands.

Aspen on Monday said transferring its listing to the mainboard will boost its visibility in the market to help future fundraising efforts. This will allow the company to better tap capital markets - both equity and debt - to maximise the group's growth potential, it said.

The company has submitted an application to SGX and will update shareholders as and when there are material developments.

In August, Aspen proposed to diversify its property business to include the manufacturing and distribution of rubber gloves. The company has since entered into a formal joint venture and shareholders' agreement with global capital market investor CMY Capital, and appointed a managing director for Aspen Glove, its new glove unit.

Aspen Glove also agreed to lease a plot of land in Kulim Hi-Tech Park, in the Malaysian state of Kedah, from Kulim Technology Park Corp to build its first factory to manufacture latex and nitrile gloves.