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Wellness company Crigen debuts on 1exchange, eyes public listing in Australia

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MALAYSIA-BASED wellness and aesthetics services operator Crigen Resources on Wednesday listed 28 per cent of its shares at an aggregate value of S$2 million on 1exchange (1X), Singapore's only regulated private securities exchange. Read more at The Business Times.

Founded in 2003, Danai Spa operates seven outlets across Malaysia, offering"technologically advanced" wellness and aesthetics treatments to over 13,000 members and retail customers. It plans to open another five outlets in the next two years.

This comes as Danai Spa is able to remain resilient amid the Covid-19 pandemic."In spite of the two-month lockdown imposed by the Malaysian government to curb the spread of Covid-19, the company's management quickly reorganised its approach and leveraged on technology to continue reaching out to its customer base," said Crigen.

Danai Spa expects a compound annual growth rate of 28.6 per cent in revenue from FY2019 to FY2022, and a projected CAGR of 56.8 per cent in net profit for the same period, according to Crigen. Mohamed Nasser Ismail, senior vice-president and global head of equity capital markets, SGX, said:"We are pleased to support this pipeline of private listings and look forward to helping these companies prepare for an eventual public listing when they are ready."

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