Reported Earnings • Apr 17
Full year 2025 earnings released: EPS: S$0.01 (vs S$0.002 in FY 2024) Full year 2025 results: EPS: S$0.01 (up from S$0.002 in FY 2024). Revenue: S$875.8m (up 29% from FY 2024). Net income: S$21.5m (up S$18.0m from FY 2024). Profit margin: 2.5% (up from 0.5% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. 공시 • Apr 16
Aspial Corporation Limited (SGX:A30) and Koh Wee Meng completed the acquisition of remaining 20.16% stake in AF Global Limited (SGX:L38). Aspial Corporation Limited (SGX:A30) and Koh Wee Meng entered into an implementation agreement to acquire remaining 20.16% stake in AF Global Limited (SGX:L38) for SGD 23.4 million on October 8, 2025. A cash consideration valued at SGD 0.11 per share will be paid by Aspial Corporation Limited. As at the Joint Announcement Date, Aspial has a direct interest in 440,691,785 Shares, representing 41.75% stake and KWM has a direct interest in 326,265,000 Shares, representing 30.91% stake in AF Global. Based on information available to the Offeror as at the Joint Announcement Date, 75,855,637 Shares representing approximately 7.19% of the total number of Shares are held by persons who are deemed to be “interested persons” (as defined in the listing manual of the SGX-ST) of Aspial. The Related Shareholders are presumed to be concert parties of the Offeror under the Code and will abstain from voting on the Scheme in accordance with the requirements of the Securities Industry Council’s. DBS, as the sole financial adviser to the Offeror, confirms that sufficient financial resources are available to the Offeror to satisfy in full the aggregate Scheme Consideration payable by the Offeror for all the Scheme Shares to be acquired by the Offeror pursuant to the Scheme.
The transaction is subject to approval of the Scheme by a majority in number of the Scheme Shareholders representing three-fourths in value of the Scheme Shares held by Scheme Shareholders present and voting either in person or by proxy at the Scheme Meeting, The Offeror and its concert parties, and the common substantial shareholders of the Offeror and the Company will abstain from voting on the Scheme, Court sanction for convening the Scheme Meeting; and (ii) the approval of the Scheme (if approved at the Scheme Meeting). The transaction is expected to complete in first quarter of 2026. As of January 15, 2026, the court has granted approval for the transaction. As of January 15, 2026, AF Global board announced that it has dispatched scheme document to shareholders. Shareholders meeting will be held on February 5, 2026. As of February 4, 2026, AF Global Limited announced the postpone of shareholders meeting from February 5, 2026, to March 10, 2026. As of February 12, 2026, AF Global Limited announced that SGX-ST informed that it has no objection to AF Global Waiver Application. On March 10, 2026, the shareholders of AF Global Limited has approved the transaction. The transaction is now expected to close on or around April 8, 2026. As per the announcement dated March 27, 2026 the court has sanctioned the Scheme. The transaction is now expected to close on April 14, 2026.
DBS Bank Ltd. acted as financial advisor for Aspial Corporation and Koh Wee Meng. Xandar Capital Pte. Ltd. acted as financial advisor for AF Global Limited. Evolve Capital Asia acted as financial advisor to directors of Aspial. Venture Law LLC acted as legal advisor for AF Global Limited.
Aspial Corporation Limited (SGX:A30) and Koh Wee Meng completed the acquisition of remaining 20.16% stake in AF Global Limited (SGX:L38) on April 15, 2026. New Risk • Apr 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 9.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risk Share price has been volatile over the past 3 months (9.1% average weekly change). 공시 • Apr 14
Aspial Corporation Limited, Annual General Meeting, Apr 28, 2026 Aspial Corporation Limited, Annual General Meeting, Apr 28, 2026, at 16:00 Singapore Standard Time. Location: aspial one, 55 ubi avenue 3, level 1, singapore 408864, Singapore Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: S$0.01 (vs S$0.002 in FY 2024) Full year 2025 results: EPS: S$0.01 (up from S$0.002 in FY 2024). Revenue: S$875.8m (up 29% from FY 2024). Net income: S$21.5m (up 294% from FY 2024). Profit margin: 2.5% (up from 0.8% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. 
