Skyworld gets nod to list on Bursa's Main Market

Skyworld chairman Datuk Seri Ng Thien Phing

KUALA LUMPUR: Skyworld Development Bhd has got the green light from the Securities Commission to list on the Main Market of Bursa Malaysia.

In a statement, the urban property developer said its initial public offering (IPO) entails a public issue of 208 million new shares, or about 20.8% of its enlarged issued share capital upon listing.

SkyWorld Development Berhad (“SkyWorld” or the “Company”), 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 Berhad.

Of the issue shares, 50 million shares will be made available for application by the Malaysian public while 25 million 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 million new shares will be made available through private placement to institutional and selected investors.

The IPO further entails an offer for sale of 192 million existing shares, equivalent to about 19.2% of the enlarged issued share capital of the group.

Of these, 150 million existing shares will be made available via private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry, while the remaining 42 million existing shares have been earmarked for institutional and selected investors.

"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," said SkyWorld founder and non-independent executive chairman Datuk Seri Ng Thien Phing.

Kenanga Investment Bank Bhd is the principal adviser, underwriter and placement agent for the IPO exercise.