SkyWorld Development Bhd founder and non-independent executive chairman Datuk Seri Ng Thien Phing (left) and Kenanga Investment Bank Bhd executive director and head of group investment banking and Islamic banking Datuk Roslan Tik at the signing of the underwriting agreement event.
KUALA LUMPUR: Skyworld Development Bhd
has signed an underwriting agreement with Kenanga Investment Bank Bhd in conjunction with its initial public offering (IPO) and listing on the main market of Bursa Malaysia Securities Bhd.
SkyWorld’s IPO involves a public issue of 208,000,000 new shares and 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
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 Investment, Trade and Industry Ministry (formerly known as International Trade and Industry Ministry) (Miti)
b) 175,000,000 shares will be offered to institutional and selected investors
SkyWorld’s 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 Bhd.
“The IPO proceeds will be allocated towards expanding our landbank, repayment of bank borrowings, working capital and defrayment of listing expenses.”
Ng added: “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 Bhd for the support rendered to us throughout our listing exercise.”
Kenanga Investment Bank Bhd’s executive director and head of group investment banking and Islamic banking, Datuk Roslan Tik said, “We are pleased to support SkyWorld’s listing journey as their principal adviser, underwriter and placement agent.
“The quality and strategic location of SkyWorld’s developments puts them in good stead to achieve growth in the coming years and position themselves as a leading property developer. “We thank SkyWorld for the opportunity to be involved in its IPO.”
Barring unforeseen circumstances, SkyWorld is expected to be listed on the main market of Bursa Malaysia Securities Bhd in the third quarter of 2023.
