SkyWorld’s listing is a momentous milestone for the company, said Ng.
KUALA LUMPUR: SkyWorld Development Bhd (SkyWorld), an urban property developer principally involved in investment holding, provision of management services to its subsidiaries and property development, has received approval from the Securities Commission Malaysia to list on the Main Market of Bursa Malaysia Securities Bhd.
In conjunction with the company’s listing, SkyWorld’s initial public offering (IPO) entails a public issue of 208,000,000 new shares representing approximately 20.8% of its enlarged issued share capital upon listing. Of these 208,000,000 new shares, 50,000,000 shares will be made available for application by the Malaysian public while 25,000,000 shares will be made available for application by eligible directors, key senior management, employees and persons who have contributed to the success of the group. The remaining 133,000,000 new shares will be made available through private placement to institutional and selected investors.
The SkyWorld Quality Centre, located in Kuala Lumpur, serves as the company’s headquarters.
The IPO further entails an offer for the sale of 192,000,000 existing shares, equivalent to approximately 19.2% of the enlarged issued share capital of the group. A total of 150,000,000 existing shares will be made available via private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI) while the remaining 42,000,000 existing shares have been earmarked for institutional and selected investors.
SkyWorld’s founder and non-independent executive chairman Datuk Seri Ng Thien Phing said: “We are pleased to receive approval for our listing on the Main Market of Bursa Securities. This is a momentous milestone for us and affirms confidence in SkyWorld’s growth trajectory. While the road to listing is on-going, we remain focused on our business as we strive to deliver our on-going developments to the highest standards.”
Kenanga Investment Bank Bhd is the principal adviser, underwriter and placement agent for this IPO exercise.
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