Iskandar developer Astaka Holdings debuts on Catalist at 24.5 Singapore cents

SINGAPORE - Astaka Holdings, the latest debutant on Singapore's Catalist board, opened for trading on Monday (Nov 23) at 24.5 Singapore cents.

E2-Capital Holdings Ltd changed its name to Astaka Holdings after its acquisition of Astaka Padu. Upon completion of a S$58 million placement exercise, the enlarged company will have an estimated market capitalisation of about S$449 million.

Astaka Holdings is a Malaysia-based property developer that focuses on high-end projects in Iskandar Malaysia. The Group is currently developing 1 Bukit Senyum there in two phases, Phas one comprises freehold service apartment towers while phase two consist of a freehold integrated development project comprising a retail mall, a five-star hotel, convention centre, office space, service apartments and commercial suites.

Dato Zamani bin Kasim, the group's executive director and chief executive officer, said in a statement on Monday that the development in the Iskandar region remains healthy and promising, and has successfully attracted substantial committed investments.

Mr Mohamed Nasser Ismail, head of SME development & listings at SGX, said the addition of Astaka to Catalist will provide investors an avenue to invest in the Iskandar region.

Its listing also brings the total number of real estate companies on SGX to 50, with a combined market capitalisation of S$95 billion, and the total market capitalisation of the 169 companies listed on Catalist to S$10 billion.