Aspen-Yi Lai RTO to be completed next week

BATU KAWAN: Property developer and real estate investment company, Aspen Group, expects the reverse take- over of ceramics tile manufacturer, Yi-Lai Bhd, to be concluded by next week.

Aspen Group chief executive officer Datuk M Murly said the group was await ing approval from the Securities Commission ( SC) and an announcement would follow suit once everything was completed.

“The SC is expected to give the green light this week and we are confident the deal will be done next week,” he told reporters after the opening of Aspen’s sales gallery by Penang Chief Minister Lim Guan Eng in Bandar Cassia yesterday.

He added that the group would sign the share sale agreement after receiving the green light from SC.

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.

Meanwhi le, Murly said Aspen was also working to partner Telekom Malaysia ( TM) to develop the broadband infrastructure that would transform Aspen Vision City into a smart city in Batu Kawan.

He said the group aimed to jointly develop Aspen Vision City with TM and become the most advanced city in the country, in terms of infrastructure and Internet- of-Thing ( IoT).

“A concrete framework will be rolled out after our announcement with our joint venture partner next month,” he said, adding that to date, the group had achieved unbilled sales of RM1.5 billion from its properties in Penang.

He said nearly RM100 million had been invested on earthworks for Aspen Vision City as the group has achieved about RM950 million from the sale of its properties here.

“Currently, we are in talks with several hotel operators for Aspen Vision City and we expect to conclude a deal by year- end or the beginning of 2017.

“This 4- star contemporary business hotel with 300 rooms will be one of the first finest hotels in Mainland Penang which will carry a global name,” Murly added. — Bernama