City developer with a profound track record, SkyWorld Development Berhad has signed an underwriting agreement with Kenanga Investment Bank Berhad in conjunction with the property company’s initial public offering and listing on the Main Market of Bursa Malaysia Securities Berhad.
Having set its mark in the KL city landscape with high-rise properties, the urban property developer is seeking to raise funds to further propel the development segment of the business and serve the demand of the growing needs of homeowners.
SkyWorld’s IPO involves a public issue of 208,000,000 new shares and an offer for sale of 192,000,000 existing shares in the following manner:
- A retail offering of 75,000,000 shares representing 7.5% of SkyWorld’s enlarged issued shares:
a. 50,000,000 shares for application by the Malaysian public via balloting; and
b. 25,000,000 shares for application by the eligible directors, key senior management,
employees and persons who have contributed to the success of the Company. - An institutional offering of 325,000,000 IPO shares representing 32.5% of SkyWorld’s enlarged
issued shares:
a. 150,000,000 shares will be offered to Bumiputera investors approved by the Ministry of
Investment, Trade and Industry (formerly known as Ministry of International Trade and
Industry) (MITI); and
b. 175,000,000 shares will be offered to institutional and selected investors.
Founder and Non-Independent Executive Chairman Datuk Seri Ng Thien Phing said, “We are thrilled to announce the signing of the underwriting agreement for our IPO. With this, we are one step closer towards our listing on the Main Market of Bursa Malaysia Securities Berhad. The IPO proceeds will be allocated towards expanding our landbank, repayment of bank borrowings, working capital and defrayment of listing expenses. We look forward to further strengthening our position in the market and delivering long-term value to our stakeholders. I would like to extend my deepest appreciation to Kenanga Investment Bank Berhad for the support rendered to us throughout our listing exercise.”
The group is expected to be listed on the Main Market of Bursa Malaysia Securities Berhad in the 3 rd quarter of 2023.
