Aspial Lifestyle shares close flat after rising 6% in intraday trade on proposed move to SGX mainboard
The transfer can enhance the company’s ability to access both equity and debt capital markets
[SINGAPORE] Shares of consumer lifestyle group Aspial Lifestyle rose as high as 6 per cent in intraday trade on Thursday (Mar 5), following its announcement of its proposed transfer to the mainboard of the Singapore Exchange (SGX).
The counter hit S$0.39 at 9.10 am, trading at about 6 per cent higher. It later ended the day flat at S$0.365, with around 3.7 million shares transacted.
The proposed move by the group could enhance the company’s ability to access both equity and debt capital markets, as certain institutional and international investors may have investment mandates focused on mainboard-listed companies.
However, as at Wednesday, only 14.9 per cent of its total share capital was held in the hands of the public.
This falls slightly short of the mainboard listing requirements, where companies must meet the public float requirement. A minimum of 15 per cent of their total issued and paid-up share capital must be held in the hands of at least 500 shareholders who are members of the public, reported The Business Times previously.
Aspial Lifestyle owns several jewellers such as Maxi-Cash, Lee Hwa Jewellery and Goldheart Jewelry.
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