Crigen seeking a listing in Australia

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If approved, this marks the group’s second listing abroad, following its successful listing on 1exchange platform (1X), Singapore’s first regulated private securities exchange back in 2020.

GEORGE TOWN: Penang-based spa and medical wellness services group Crigen Resources Bhd expects to obtain the approval for its listing on the National Stock Exchange of Australia (NSX) by next month.

If approved, this marks the group’s second listing abroad, following its successful listing on 1exchange platform (1X), Singapore’s first regulated private securities exchange back in 2020.

Crigen group managing director Dennis Tan told StarBiz that it plans to raise about RM9mil from the NSX listing.

“The proceeds will be raised six months after the listing. It will be used for our expansion, potential merger and acquisitions as well as debt repayment.”

Once the NSX listing is approved, Tan said the group plans to set up two integrated spa and medical wellness centres in Sydney with several Australian partners who are involved in the same business.

“Crigen has chosen to list in Australia (NSX) and set up new outlets because of its large middle-class Asian community with the spending power to procure wellness products and services,” he said.

In addition, the group planned to tap its deep experience and steady track record to pursue its business strategy for further domestic growth, new market expansion, diversification of revenue streams and the development of new capabilities in digital health and wellness.

Crigen is the parent company of Danai Medical Wellness, a service provider of specialised wellness treatment with total assets of about RM10mil.

Founded in 2003, Danai Spa operates seven outlets in Malaysia, offering “technologically advanced” wellness and aesthetics treatments to over 13,000 members and retail customers.

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Meanwhile, Tan said the group will be investing about RM20mil to set up more than 10 outlets nationwide over the next two years.

“The planned outlets will be located in Kuala Lumpur, Penang and Ipoh, of which all these outlets will be providing spa and medical wellness services,” he added.

According to Tan, Malaysia is one of the top wellness markets in the Asia-Pacific.

“Amid the rising demand for beauty and aesthetic treatment services here, this is further boosted by the growing middle-class and increasing consumer awareness,” he said.

In Malaysia, the spa market is estimated at RM400mil in 2021.

“The domestic spa market size is expected to grow by more than 10% per annum,” he noted.

The group is targeting to achieve an after-tax profit of RM480,000 on the back of RM8.8mil revenue this year, Tan said.

“Crigen is also looking at an after-tax profit of RM630,000 from RM10.5mil revenue in 2023.”

On the global front, the wellness business, including the spa segment, is pegged at US$4.4 trillion (RM19.6 trillion) currently, growing at 10% yearly.