- Crigen Resources operates Danai Spa, one of Malaysia’s leading wellness and aesthetics providers, offering over 13,000 members wellness and aesthetics services infused with cutting-edge technology
- Post-listing, Danai Spa intends to further strengthen its business proposition through further investments in digital health services and regional expansion
- Direct listing of ~28% of existing shares on 1exchange is an integral step towards Danai Spa’s long-term goal of a public listing, enabling increased liquidity via a global investor pool for Crigen Resources and shareholders
SINGAPORE, July 22, 2020 /PRNewswire/ — Crigen Resources Berhad (“Crigen“), the operator of internationally-recognised Malaysia-based wellness and aesthetics provider, Danai Spa (“the Company“), today announced that it has successfully listed on 1exchange (“1X“), Singapore’s first regulated private securities exchange via a fully online campaign and listing process.
Crigen Resources, Singapore’s first cross-border private direct listing on 1exchange took place via a virtual listing ceremony today attended by participants from Singapore and Kuala Lumpur
About 28% of Crigen’s existing shares were listed at an aggregate value of S$2m, in the Singapore private exchange’s first cross-border private direct listing.
Mr Dennis Tan, Managing Director & Founder of Crigen, said: “Danai Spa is entering its next major phase of growth, as the listing on 1exchange furthers our capabilities to strengthen our business as we work towards our long-term goal of a public listing. The importance of the health and wellness industry is even more prominent today, as individuals and countries worldwide recognise the need to take care of our overall wellbeing as we weather the COVID-19 pandemic. Danai Spa will not only continue to stay on the frontier by building on our existing suite of science-backed services through further investment into digital health, but also by increasing accessibility through the opening of new outlets to reach out to more customers not just in Malaysia, but the region.”
Founded in 2003, Danai Spa currently operates seven outlets across Malaysia, with plans to open a further five outlets in the two years. Danai Spa’s unique service offering includes the infusion of technologically-advanced wellness and aesthetics treatments within a world-class spa ambience. Its seven outlets currently serve a loyal customer base of over 13,000 members and retail customers.
Remaining Innovative and Resilient Amid Pandemic Concerns
While the COVID-19 pandemic has had a profound impact across industries, especially for those which have consumer-facing models, Danai Spa has remained resilient through the last few months. 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.
Through the activation of webinars during the lockdown period to educate customers on health and wellness, and the sales of related products, Danai Spa’s sales performance stood at approximately 50% as compared to the pre-lockdown period. At present, with the gradual re-opening of businesses as Malaysia transitions out of lockdown, the Company’s sales performance stands at about 70%.
Ms. Cynthia Tong, Operation Director & Founder of Crigen, said: “Even as lockdown measures mandated that businesses like ours shutter our doors for two months, Danai Spa has remained resilient amid this unprecedented period. As individuals have begun to pay more attention to their health and wellbeing due to concerns over the pandemic, management and staff worked to deliver timely curated content and services to better serve our customers. We believe that this appreciation for science-backed treatments will continue to grow in the years ahead, and that Danai Spa is well-placed to lead this competitive market as a regional wellness and aesthetics powerhouse.”
Vast Potential of the Wellness Industry
Danai Spa is one of the most established and fastest-growing wellness and aesthetics companies in Malaysia, a market which was ranked in the top ten of wellness destinations worldwide in 2019. The Malaysian government has plans to develop the industry as one of nation’s key economic areas, looking to create at least 3540 jobs with a gross national income of RM374.1m (S$121.9m) by 2020.
To cater to the various demands of this ever-evolving wellness industry, Danai Spa’s suite of service offerings focus on delivering real benefits to the overall wellbeing of its customers.
Its state-of-the-art wellness centres offer not only traditional spa treatments such as traditional Chinese medicine, Ayurvedic treatments and sports therapy, but also boast the use of technology-empowered treatments such as Cryotherapy, 3D Biomechanic Assessment, Enhanced External Counter Pulsation and Ion Body Wrap, catering to a diverse range of customer profiles.
With its strong track record, Danai Spa expects a Compound Annual Growth Rate (CAGR) of 28.6% in revenue from FY2019A to FY2022E, and a projected CAGR of 56.8% in net profit from FY2019A to FY2022E.
Plans for Regional Expansion
The listing on 1X is a key milestone in Danai Spa’s path towards its long-term goal of an eventual Initial Public Offering (“IPO“) on the Australian Public Market. Mr. Chris Daniel Wong, Corporate Affairs Director & Co-founder of Crigen, said: “With the added liquidity and access to a larger pool of investors through the 1X platform, the Company intends to leverage on its deep experience and steady track record to pursue its business strategy of further domestic growth, new market expansion, diversification of revenue streams, and the development new capabilities in the areas of digital health and wellness. The public listing on Australia is aptly on time as more and more people are now health conscious than ever due to the COVID-19 pandemic.
About the Campaign
Danai Spa’s direct listing on global private capital platform, 1X, will be tradeable under its parent entity, Crigen. The listing is the first cross-border and direct listing, and was carried out through a fully online process. Approximately 28% of existing shares were listed on 1X, at an aggregate value of S$2m.
1X is regulated by the Monetary Authority of Singapore with a Recognised Market Operator License. Singapore Exchange is a strategic partner and shareholder of CapBridge and 1X.
The 1X platform enables private companies to create and list tradeable private equities, providing companies and shareholders with access to flexible financing and liquidity options. Private equities listed on 1X can be bought and sold by investors any time, with no lock-up period.
About Danai Spa
Crigen Resources is a Malaysia-based private company established in 2003. Crigen Resources is Danai Spa’s parent entity. Crigen Resources is principally engaged in the provision of a wide range of services in the spa and wellness industry. Danai Spa is an award-winning wellness and aesthetic services provider offering an extensive range of massage therapy, spa and advanced aesthetic treatments. Established in 2003, Danai Spa currently has seven outlets across Malaysia, with five more to be opened in the next two years in Penang, Johor Bahru, Sibu and Kota Kinabalu. The company is currently headquartered in George Town, Penang.
For Danai Spa’s corporate video, visit: https://bit.ly/DanaiSpa
For more information on Danai Spa, visit http://www.danaispa.com
 “Malaysia among top 10 wellness tourism markets in Asia Pacific.” Retrieved from: https://www.nst.com.my/news/nation/2019/06/497083/malaysia-among-top-10-wellness-tourism-markets-asia-pacific
 All estimated conversions calculated on an exchange rate of 1MYR:0.33SGD
 “Spa and wellness tourism on the rise in Malaysia”. Retrieved from: https://oxfordbusinessgroup.com/analysis/rest-and-relaxation-efforts-under-way-boost-spa-and-wellness-tourism
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