Announcement • 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 • Feb 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Large one-off items impacting financial results. Market cap is less than US$100m (S$116.1m market cap, or US$91.6m). Announcement • Oct 08
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. 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.
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. Buy Or Sell Opportunity • Sep 11
Now 24% undervalued Over the last 90 days, the stock has risen 17% to S$0.076. The fair value is estimated to be S$0.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Aug 25
Now 21% undervalued Over the last 90 days, the stock has risen 22% to S$0.079. The fair value is estimated to be S$0.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Aug 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 149% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (S$77.1m market cap, or US$60.1m). Reported Earnings • Aug 13
First half 2025 earnings released: EPS: S$0.001 (vs S$0.002 loss in 1H 2024) First half 2025 results: EPS: S$0.001 (up from S$0.002 loss in 1H 2024). Revenue: S$15.8m (down 1.6% from 1H 2024). Net income: S$1.44m (up S$4.04m from 1H 2024). Profit margin: 9.1% (up from net loss in 1H 2024). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. New Risk • May 02
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 10% 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: Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (S$81.3m market cap, or US$62.7m). Reported Earnings • Apr 12
Full year 2024 earnings released: S$0.003 loss per share (vs S$0.003 profit in FY 2023) Full year 2024 results: S$0.003 loss per share (down from S$0.003 profit in FY 2023). Revenue: S$31.4m (up 11% from FY 2023). Net loss: S$2.65m (down 200% from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Apr 11
AF Global Limited, Annual General Meeting, Apr 28, 2025 AF Global Limited, Annual General Meeting, Apr 28, 2025, at 09:30 Singapore Standard Time. Location: aspial one, 55 ubi avenue 3 level 1, singapore 408864, Singapore Reported Earnings • Feb 25
Full year 2024 earnings released: S$0.002 loss per share (vs S$0.003 profit in FY 2023) Full year 2024 results: S$0.002 loss per share (down from S$0.003 profit in FY 2023). Revenue: S$31.4m (up 11% from FY 2023). Net loss: S$2.65m (down 200% from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. New Risk • Feb 22
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (S$75.0m market cap, or US$56.1m). New Risk • Jan 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Singaporean stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Market cap is less than US$100m (S$75.0m market cap, or US$55.6m). Reported Earnings • Aug 12
First half 2024 earnings released: S$0.002 loss per share (vs S$0.001 profit in 1H 2023) First half 2024 results: S$0.002 loss per share (down from S$0.001 profit in 1H 2023). Revenue: S$16.0m (up 12% from 1H 2023). Net loss: S$2.60m (down 374% from profit in 1H 2023). Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. New Risk • Aug 07
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 8.9% 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: Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Market cap is less than US$100m (S$128.8m market cap, or US$97.0m). Announcement • Jul 31
AF Global Limited to Report First Half, 2024 Results on Aug 05, 2024 AF Global Limited announced that they will report first half, 2024 results on Aug 05, 2024 Reported Earnings • Apr 16
Full year 2023 earnings released: EPS: S$0.003 (vs S$0.001 loss in FY 2022) Full year 2023 results: EPS: S$0.003 (up from S$0.001 loss in FY 2022). Revenue: S$28.4m (up 75% from FY 2022). Net income: S$2.64m (up S$3.20m from FY 2022). Profit margin: 9.3% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Apr 13
AF Global Limited, Annual General Meeting, Apr 29, 2024 AF Global Limited, Annual General Meeting, Apr 29, 2024, at 10:00 China Standard Time. Location: Aspial One, 55 Ubi Avenue 3 Level 1 Singapore Agenda: To receive and adopt the Audited Financial Statements of the Company for the financial year ended 31 December 2023, the Directors' statement and the external Auditor's report thereon; to consider directorate reelections; to re-appoint Ernst & Young LLP as the external Auditors of the Company and to authorize the Directors of the Company to fix their remuneration; to approve the authority to allot and issue new Shares and/or Instruments; to approve the renewal of the Share Purchase Mandate; to grant the Directors the authority to issue shares under the AF Global Limited Scrip Dividend Scheme; and to consider other matters. Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: S$0.003 (vs S$0.001 loss in FY 2022) Full year 2023 results: EPS: S$0.003 (up from S$0.001 loss in FY 2022). Revenue: S$28.4m (up 75% from FY 2022). Net income: S$2.64m (up S$3.20m from FY 2022). Profit margin: 9.3% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Jan 31
AF Global Limited Appoints Pan Pei Say as Non-Executive and Independent Director, Chairman of the Nominating Committee and A Member of the Audit Committee AF Global Limited announced the appointment of Pan Pei Say as Non-Executive and Independent Director, Chairman of the Nominating Committee and A Member of the Audit Committee. Working Experience 1989 to 2017 Sing Investments & Finance Ltd. Senior Vice President, Credit Marketing. Professional Qualifications Diploma in Banking and Finance, the Institute of Banking and Finance Singapore. Reason for director to not undergo training Global Dragon Limited - Independent Director, Chairman of the Remuneration Committee and a member of the Audit Committee and Nominating Committee. CHANGES IN THE COMPOSITIONS OF THE BOARD AND BOARD COMMITTEES Following the foregoing changes, the new composition of the Board and the Board Committees of the Company with effect from 1 February 2024 will be as follows:- Board of Directors Mr. Chay Yue Kai (Executive Director and Chief Executive Officer), Mr. Koh Wee Seng (Non-Executive and Non-Independent Director), Mr. Periakaruppan Aravindan (Non-Executive and Non-Independent Director), Mr. Yeo Kan Kiang Roy (Lead Independent Director), Mr. Yeo Wee Kiong (Independent Director), Ms Pan Pei Say (Independent Director), Audit Committee Mr. Yeo Kan Kiang Roy (Chairman), Mr. Yeo Wee Kiong, Ms Pan Pei Say, Mr. Periakaruppan Aravindan, Nominating Committee, Ms Pan Pei Say (Chairman), Mr. Yeo Kan Kiang Roy, Mr. Koh Wee Seng, Remuneration Committee Mr. Yeo Wee Kiong (Chairman), Mr. Yeo Kan Kiang Roy, Mr. Periakaruppan Aravindan. Working Experience: 1989 to 2017 Sing Investments & Finance Ltd. Senior Vice President, Credit Marketing. Reported Earnings • Aug 14
First half 2023 earnings released: EPS: S$0.001 (vs S$0.001 loss in 1H 2022) First half 2023 results: EPS: S$0.001 (up from S$0.001 loss in 1H 2022). Revenue: S$14.4m (up 142% from 1H 2022). Net income: S$948.0k (up S$2.26m from 1H 2022). Profit margin: 6.6% (up from net loss in 1H 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 15
Full year 2022 earnings released: S$0.001 loss per share (vs S$0.006 loss in FY 2021) Full year 2022 results: S$0.001 loss per share (improved from S$0.006 loss in FY 2021). Revenue: S$16.2m (up 202% from FY 2021). Net loss: S$553.0k (loss narrowed 91% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Reported Earnings • Feb 23
Full year 2022 earnings released: EPS: S$0 (vs S$0.006 loss in FY 2021) Full year 2022 results: EPS: S$0 (improved from S$0.006 loss in FY 2021). Revenue: S$16.2m (up 202% from FY 2021). Net loss: S$553.0k (loss narrowed 91% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Announcement • Feb 14
AF Global Limited Provides Earnings Guidance for the Full Year Ended 31 December 2022 The Board of Directors (the "Board") of AF Global Limited (the "Company", together with its subsidiaries, the "Group") announced that following a preliminary review of the unaudited financial results, the Group is expected to report a loss for the full year ended 31 December 2022. The expected loss was mainly due to the adverse impact of the global pandemic and economic uncertainties on the Group's hospitality business. Nevertheless, the Group's hospitality business had improved during the year with the gradual re-opening of countries worldwide as the global pandemic was brought under control simultaneously. Hence, the expected loss of the Group for the financial year ended 31 December 2022 would be significantly lower than the reported loss for the last financial year. Further details of the Group's financial performance will be disclosed when the Company announces its full year results. Board Change • Nov 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent & Non-Executive Director Tuen Suan Ong was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 07
First half 2022 earnings released First half 2022 results: Net income: (up S$3.78m from 1H 2021). Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 13% per year. Announcement • Jul 23
AF Global Limited Provides Earnings Guidance for the Half Year Ended June 30, 2022 AF Global Limited provided earnings guidance for the half year ended June 30, 2022. The Board of Directors announced that following a preliminary review of the unaudited financial results, the Group is expected to report a loss for the half year ended 30 June 2022. The expected loss was mainly due to the Group's hospitality business which was adversely impacted by the global pandemic and economic crisis caused by the ongoing coronavirus disease (COVID-19). Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent & Non-Executive Director Tuen Suan Ong was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 16
Full year 2021 earnings released: S$0.005 loss per share (vs S$0.005 loss in FY 2020) Full year 2021 results: S$0.005 loss per share (vs S$0.005 loss in FY 2020). Net loss: S$5.83m (loss widened 20% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Announcement • Apr 14
AF Global Limited, Annual General Meeting, Apr 28, 2022 AF Global Limited, Annual General Meeting, Apr 28, 2022, at 10:00 Singapore Standard Time. Location: 1 Harbourfront Avenue, #14-07 Keppel Bay Tower Sigapore Singapore Agenda: To receive and adopt the Audited Financial Statements of the Company for the financial year ended 31 December 2021, the Directors' statement and the external Auditor's report thereon; to approve the payment of Directors' fees of S$217,000 for the financial year ended 31 December 2021 (FY2020: SGD 192,589); to re-elect the following Directors of the Company, each of whom will retire by rotation pursuant to Regulation 89 of the Constitution of the Company and Rule 720(5) of the Listing Manual of the Singapore Exchange Securities Trading Limited ("SGX-ST") and who, being eligible, offer themselves for re-election as Mr. Periakaruppan Aravindan and Mr. Ong Tuen Suan; to re-appoint Messrs Ernst & Young LLP as the external Auditors of the Company and to authorise the Directors of the Company to fix their remuneration; and to consider other matters. Reported Earnings • Feb 23
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: S$0.005 loss per share (vs S$0.005 loss in FY 2020). Net loss: S$5.83m (loss widened 20% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Feb 01
AF Global Limited Provides Earnings Guidance for the Full Year Ended December 31, 2021 The Board of Directors of AF Global Limited announced that following a preliminary review of the unaudited financial results, the Group is expected to report a loss for the full year ended 31 December 2021. The expected loss was mainly due to the Group's hospitality business which was adversely impacted by the global pandemic and economic crisis caused by the ongoing coronavirus disease (COVID-19). Reported Earnings • Aug 09
First half 2021 earnings released: S$0.004 loss per share (vs S$0.001 loss in 1H 2020) First half 2021 results: Net loss: S$3.78m (loss widened 235% from 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 19
Full year 2020 earnings released: S$0.005 loss per share (vs S$0.002 loss in FY 2019) Full year 2020 results: Net loss: S$4.88m (loss widened 187% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 23
Full year 2020 earnings released Full year 2020 results: Net loss: S$4.88m (loss widened 187% from FY 2019).