Aspen (Group) Holdings has given notice that it has recorded pre-tax losses for its three most recently completed financial years in a row.
However, on Aug 29, the group reported a profit before tax of RM37.4 million ($11.4 million) for its FY2024 ended June 30, reversing from a loss before tax of RM96.1 million in FY2023.
Earnings attributable to shareholders in FY2024 stood at RM38.3 million, up from a loss of RM195.3 million in FY2023.
As at Oct 7, Aspen’s latest six-month average daily market capitalisation is at $49.9 million, above the $40 million minimum.
Rule 1311 of the Singapore Exchange S68 ’s (SGX) listing manual states that a listed company will be put on its watch-list if it records pre-tax losses for the three most recently completed consecutive financial years and has an average daily market capitalisation of less than $40 million for the last six months.
At the same time, Aspen announced that Cheah Teik Seng, will be retiring as the company’s chairman and independent non-executive director at the end of its annual general meeting (AGM) on Oct 22.
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Dato’ Alan Teo Kwong Chia, another independent non-executive director, will do the same. Both Cheah’s and Teo’s retirements are part of the board’s renewal process, says Aspen.
As at 10.04am, shares in Aspen are trading flat at 4.5 cents.
