KUALA LUMPUR, June 7 — SkyWorld Development Bhd expects to be listed on Bursa Malaysia’s Main Market in the third quarter of this year following its underwriting agreement with Kenanga Investment Bank Bhd.
Founder and non-independent executive chairman Datuk Seri Ng Thien Phing said in a statement yesterday that the urban property developer will use proceeds from the initial public offering (IPO) to expand its landbank, repay bank borrowings, defray listing expenses and for its working capital.
Ng said the company will “further strengthen” its position in the market and deliver long-term value to stakeholders as it embarks on a new chapter.
The IPO exercise involves a public issue of 208 million new shares with an offer for sale of 192.0 million existing shares, with a retail offering of 75 million shares comprising 50 million shares for application by the Malaysian public via balloting, and 25 million shares for application by eligible directors, key senior management and employees and persons who have contributed to the success of the company.
The institutional offering comprises 325 million IPO shares representing 32.5 per cent of SkyWorld’s enlarged issued shares, of which 150 million will be offered to Bumiputera investors approved by the Investment, Trade and Industry Ministry and 175 million shares offered to institutional and selected investors.
Kenanga Investment Bank executive director and head of group investment banking and Islamic banking, Datuk Roslan Tik said Kenanga is pleased to support SkyWorld’s listing journey as its principal adviser, underwriter and placement agent.
“The quality and strategic location of SkyWorld’s developments puts them in good stead to achieve growth in the coming years and to position itself as a leading property developer,” he said.
SkyWorld was set up in 2006 with a focus on high-rise residential and commercial development and affordable units. Its current and planned projects are located within the Federal Territory of Kuala Lumpur. — Bernama
