Hot stock: Aspen shares surge 70.7%, prompting SGX query

SHARES of Aspen (Group) Holdings surged 70.7 per cent or 14.5 Singapore cents to 35 cents on Monday as at 9.41am, prompting a query from the Singapore Exchange (SGX) shortly after.

As at 10.45am, shares of the Malaysia-based developer were trading up 58.5 per cent or 12 Singapore cents to 32.5 cents. The counter was the most heavily traded with 86.7 million shares changing hands.

On Aug 12, Aspen proposed the diversification of the group's business to include manufacturing and distribution of rubber gloves and other related activities.

In connection with the proposed diversification, Aspen acquired a dormant company called Aspen Glove Sdn Bhd from its president and chief executive Murly Manokharan.

Aspen Glove on Aug 12 accepted a binding letter of offer from Kulim Technology Park Corporation to lease a piece of industrial land.

It also entered into a memorandum of understanding with state government-linked company Invest Kedah to provide the necessary support and facilitation for the establishment and operation of the proposed new business.