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Wellness company Crigen debuts on 1exchange, eyes public listing in Australia

MALAYSIA-BASED wellness and aesthetics services operator Crigen Resources on Wednesday listed 28 per cent of its shares at an aggregate value of S$2 million on 1exchange (1X), Singapore's only regulated private securities exchange.

This led to the direct listing of Crigen's wholly-operated Danai Spa on 1X. The listing is a key milestone in Danai Spa's path towards its long-term goal of an eventual initial public offering in Australia, said Crigen in a press statement. 

The listing took place on Wednesday morning at a virtual gong-striking ceremony and was attended by representatives from Crigen, placement agent CapBridge, trust administrator Equiom Singapore, as well as strategic partner and shareholder the Singapore Exchange (SGX).

Chris Wong, corporate affairs director and co-founder of Crigen, said that the 1X platform will provide the company with "added liquidity and access to a larger pool of investors". 

The company plans to tap its "deep experience and steady track record to pursue its business strategy of further domestic growth, new market expansion, diversification of revenue streams, and the development of new capabilities in the areas of digital health and wellness", he added.

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Founded in 2003, Danai Spa operates seven outlets across Malaysia, offering "technologically advanced" wellness and aesthetics treatments to over 13,000 members and retail customers. It plans to open another five outlets in the next two years.

Dennis Tan, managing director and founder of Crigen, said: "Danai Spa is entering its next major phase of growth, as the listing on 1X furthers our capabilities to strengthen our business as we work towards our long-term goal of a public listing."

This comes as Danai Spa is able to remain resilient amid the Covid-19 pandemic. "In spite of the two-month lockdown imposed by the Malaysian government to curb the spread of Covid-19, the company's management quickly reorganised its approach and leveraged on technology to continue reaching out to its customer base," said Crigen. 

During the lockdown period, Danai Spa tapped webinars and sales of related products. With the gradual resumption of business as lockdown measures were lifted, the company's sales performance has returned to about 70 per cent compared to the pre-lockdown period. 

Danai Spa expects a compound annual growth rate (CAGR) of 28.6 per cent in revenue from FY2019 to FY2022, and a projected CAGR of 56.8 per cent in net profit for the same period, according to Crigen. 

The listing of Crigen was also welcomed by 1X as Malaysia continues to be among the top wellness markets in the Asia-Pacific. This comes on the back of rising demand for beauty and aesthetic treatment services, boosted by the growing middle class and increasing consumer awareness, said Choo Haiping, chief executive of 1X in a press statement.

Mohamed Nasser Ismail, senior vice-president and global head of equity capital markets, SGX, said: "We are pleased to support this pipeline of private listings and look forward to helping these companies prepare for an eventual public listing when they are ready."

The 1X platform is regulated by the Monetary Authority of Singapore. It enables private firms to create and list tradeable equities, which can be bought and sold by investors at any time with no lock-up period.

The first private company listing on 1X took place in July last year, when boutique fund manager Aggregate Asset Management made its debut on the exchange with about 5 per cent of its shares in an oversubscribed offering.

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