KUALA LUMPUR: Sim Leisure Group Ltd and its subsidiaries, which develop and operate the Escape theme parks in Penang, has lodged its preliminary offer document for its proposed listing in Singapore.
The company said on Friday it was seeking to list on the Catalist Board of the Singapore Exchange Securities Trading Limited (SGX-ST).
It plans to use the proceeds raised from the proposed listing to expand into sizable population demographics in Chinese cities and Asean.
“The group will also use the proposed listing proceeds for capital expenditure for the expansion of the existing theme parks, redeem the outstanding redeemable convertible preference shares that were issued and allotted to Penang Development Corporation, and for working capital and general corporate purposes,” it said.
Sim Leisure's immediate plans are to “scale the group’s theme park development and operations in sizeable population demographics across China”.
Other markets in Asean cities such as Bangkok, Jakarta, Manila and Ho Chi Minh City have been identified.
To recap, Sim Leisure has signed a non-binding MoU for the design and operation of a theme park in China's Linyi City in Shandong province, marking the beginning of its international venture.
Sime Leisure is renowned for its distinctive retro-eco features and attractions reminiscent of traditional play in the old days which contrasts starkly with roller coasters of conventional theme parks.
“The group's business model disrupts the mainstream, overpriced business model from the West which pays hefty royalties and requires costly investments in themed structures and mechanical rides,” it said.
Sim Leisure's founder, executive director and CEO, Sim Choo Kheng observed from his experience of more than 28 years in the industry that most of these theme parks do not succeed because they do not adapt to local customs, cultural, and climatic factors.
The group disrupts the conventional theme park business model by offering “low-tech, high-fun” theme parks immersed in a natural setting to the mass market which are cost-effective, environmentally-friendly and economically viable, Sim said.