BATU KAWAN, April 29 — Property developer and real estate investment company, Aspen Group, expects to complete the reverse takeover (RTO) of the ceramics tile manufacturer, Yi-Lai Bhd, the earliest by October 2016.
Its Chief Executive Officer, Datuk M. Murly, said the group aimed to complete the RTO, the earliest by October or the latest by year-end.
“We are in the midst of regulatory compliances and once we get the clearance, I promise I will talk more about it,” he told reporters here Friday.
It was reported in February that the RTO would be settled via the issuance of 450 million new Yi-Lai shares at an issue price of RM1, while the remaining RM100 million will be paid in cash.
Murly said the plan to list on the Singapore Exchange (SGX) was still on but Aspen, a Malaysian company, preferred it here.
“Our target is to get listed as it will give us the platform to raise capital and once we get the clearance from the regulators here (Malaysia), we may abort the SGX plan,” he said.
Earlier, Murly signed a collaborative agreement worth more than RM5 million with German-based kitchen and home appliances provider, Teka Kuchentechnik Malaysia Sdn Bhd.
He said the deal would see all units of Vertu Resort, the first residential development in Aspen Vision City, furnished with the best from Teka.
“All units of Vertu Resort will be inclusive of home furnishings by IKEA, kitchen appliances by Teka and electrical appliances. Every unit will also have at least two parking lots,” he said.
He said sales of the Vertu Resort units, which were expected to be completed in 2019, had reach 50 per cent.
Vertu Resort is mega joint-venture development between Aspen and Ikano Pte Ltd. It consists of 1,282 ready-to-move-in condominiums spread across five elegant towers ranging from 29 to 42 storeys with only eight to 12 units on each floor.