Aspen (Group) Holdings Limited: Winding-Up Petition Against Subsidiary – Investor Update

Key Points from the Announcement

• On 24 July 2026, Aspen Vision Builders Sdn. Bhd. (“AVB”), a wholly-owned subsidiary of Aspen (Group) Holdings Limited, received a winding-up petition from Proventus Bina Sdn. Bhd. (“PB”).
• PB is seeking AVB’s winding-up on grounds of alleged insolvency and inability to pay debts, specifically relating to a disputed claim for construction works.
• PB requests that its nominated liquidators be appointed and that costs of the petition be paid from AVB’s assets.
• The disputed claim arises from construction works completed on 24 May 2021. PB obtained an adjudication decision on 12 November 2025 under the Construction Industry Payment and Adjudication Act 2012 (CIPAA), awarding PB a principal sum of RM2,772,822.55 plus interests and costs.
• AVB disputes the adjudication and has initiated arbitration proceedings against PB, which are ongoing.
• AVB has also filed applications to stay and set aside the adjudication, and objected to PB’s enforcement attempt. These applications were dismissed by the Court on 30 June 2026, but AVB has filed appeals which remain pending.
• AVB has voluntarily deposited RM3,577,945.64 (representing the adjudicated sum as of 15 July 2026) with its solicitors to be held as stakeholders pending resolution of the dispute.
• AVB and its legal counsel believe the winding-up petition is without merit and constitutes an abuse of court process, given the ongoing dispute resolution and the stakeholder deposit.
• The Board has stated that it will vigorously oppose the petition and that the petition is not expected to have any material financial impact on Aspen (Group) Holdings Limited.
• The company will update shareholders on any material developments via SGXNET.

Details Investors Should Know

• Potential Price Sensitivity:
  • The winding-up petition represents a legal and financial risk to AVB, a wholly-owned subsidiary. While the Board believes the risk is limited and the financial impact immaterial, the ongoing legal dispute and the existence of a winding-up petition may impact investor confidence and could potentially affect Aspen’s share price.
  • The deposited stakeholder sum demonstrates AVB’s willingness to address the adjudicated claim, but the outcome of arbitration and appeals is uncertain.
  • If the petition proceeds or if AVB is found to be insolvent, this could have wider ramifications for Aspen’s reputation and business operations.
  • Shareholders should monitor updates closely, as any negative outcome from the ongoing arbitration or appeals could become price-sensitive.
• Ongoing Legal Processes:
  • Multiple legal channels are being pursued: Arbitration Proceedings against PB, appeals to the Court of Appeal, and deposit of stakeholder funds.
  • The Board is actively defending AVB’s position and has signaled a strong stance against the petition’s merits.
• Company’s Position:
  • The Board is confident in its legal position and expects no material financial impact. Nevertheless, the presence of a winding-up petition is a significant event for shareholders to note.

Conclusion

The receipt of a winding-up petition against Aspen (Group) Holdings Limited’s wholly-owned subsidiary, AVB, by Proventus Bina Sdn. Bhd. is a noteworthy event that could potentially affect Aspen’s share value, depending on the outcome of ongoing legal proceedings. While the Board has stated that the petition is without merit and expects no material financial impact, the situation remains unresolved and investors should be aware of the legal risks and reputational concerns associated with these developments. Shareholders are advised to monitor SGXNET for further updates from the company.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research and consult professional advisors before making any investment decisions. The situation described involves ongoing legal proceedings, and outcomes may differ from the company’s current expectations.

中文版本（Chinese Version）

Aspen（集团）控股有限公司：全资子公司收到清盘申请——投资者最新动态

公告要点

• 2026年7月24日，Aspen（集团）控股有限公司的全资子公司 Aspen Vision Builders Sdn. Bhd.（“AVB”）收到 Proventus Bina Sdn. Bhd.（“PB”）提出的清盘申请。
• PB以AVB无法偿还债务（疑似资不抵债）为由，要求将其清盘，并任命PB指定的清盘人，同时要求相关费用由AVB资产支付。
• 争议款项源于AVB开发项目的建筑工程，工程已于2021年5月24日完工。PB于2025年11月12日根据《建筑行业付款与裁决法案2012》（CIPAA）获得裁决，获判本金RM2,772,822.55及利息和费用。
• AVB对裁决结果存在异议，并于2025年11月27日启动了针对PB的仲裁程序（尚在进行中）。
• AVB亦向法院申请暂停及撤销裁决，并反对PB的执行申请。上述申请于2026年6月30日被法院驳回，AVB已于2026年7月6日向马来西亚上诉法院提出上诉（尚未裁决）。
• AVB于2026年7月15日自愿将RM3,577,945.64（截至该日的裁决金额）存入律师作为托管款，等待争议最终解决。
• AVB及其律师认为清盘申请毫无依据，属于滥用司法程序，公司董事会将坚决反对，并采取一切必要措施维护利益。
• 董事会认为此事件不会对Aspen集团产生重大财务影响。
• 公司将通过SGXNET及时向股东通报相关重大进展。

投资者需关注的细节

• 潜在股价敏感信息：
  • 清盘申请是AVB一项法律及财务风险，尽管公司董事会认为风险有限且财务影响不大，但此类法律纠纷及清盘申请可能影响投资者信心，进而影响股价。
  • AVB已存入托管款表明其积极应对争议，但仲裁及上诉结果仍存在不确定性。
  • 若清盘申请进展或AVB被认定资不抵债，可能对Aspen声誉及业务产生更广泛影响。
  • 股东应密切关注公司后续公告，因为仲裁或上诉结果若为负面，可能成为股价敏感事件。
• 持续法律程序：
  • 公司通过仲裁、上诉及托管款等多渠道积极应对，董事会已明确表态将坚决维护公司权益。
• 公司立场：
  • 董事会对法律形势充满信心，预计不会产生重大财务影响。但清盘申请本身仍是投资者需关注的重要事件。

结论

Aspen（集团）控股有限公司全资子公司AVB收到清盘申请，是一项可能影响股价的重要事件，具体影响取决于后续法律程序结果。董事会认为风险有限且无重大财务影响，但相关法律风险与声誉风险不可忽视，投资者应关注公司最新公告。

免责声明

本文章仅供信息参考，不构成投资建议。投资者应自行调研并咨询专业顾问后作出投资决策。文中事件涉及持续法律程序，最终结果可能与公司目前预期不同。

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