City Developer SkyWorld Receives SC Approval For Main Market Listing

SkyWorld Development Berhad has confirmed that it has received approval from the Securities Commission Malaysia to list on the Main Market of Bursa Malaysia Securities Berhad.

The company’s initial public offering 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 IPO further entails an offer for sale of 192,000,000 existing shares equivalent to approximately 19.2% of the enlarged issued share capital of the Group. 150,000,000 existing shares will be made available via private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (formerly known as Ministry of International 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 that they are pleased to receive approval for their listing on the Main Market of Bursa Securities. This is a momentous milestone for them and affirms confidence in SkyWorld’s growth trajectory. While the road to listing is on-going, they remain focused on their business as they strive to deliver their on-going developments to the highest standards.

Kenanga Investment Bank Berhad is the principal adviser, underwriter and placement agent for SkyWorld’s IPO.

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