Shares of Aspial Lifestyle up 6% on proposed transfer to SGX mainboard
This move can enhance the company’s ability to access both equity and debt capital markets
[SINGAPORE] Shares of consumer lifestyle group Aspial Lifestyle rose 6 per cent on Thursday (Mar 5) morning, after its announcement of its proposed transfer to the Singapore Exchange’s mainboard.
The counter hit S$0.39 as at 9.10 am, trading at about 6 per cent higher. At 9.35 am, it pared some gains to reach S$0.385, still up 5.5 per cent or S$0.02, after 1.4 million securities were 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 of Mar 4, 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 its 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.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
