SkyWorld makes Main Market debut at 80c/share

KUALA LUMPUR: Skyworld Development Bhd was the most active stock on Bursa Malaysia following its trading debut on the Main Market at 80 sen a share, unchanged from its initial public offering price, on the back of 16.43 million shares.

During the listing ceremony, founder and non-independent executive chairman Datuk Seri Ng Thien Phing said SkyWorld, which has launched 13 grand-scale projects to-date, plans to launch 10 new developments between the second half of 2023 and 2026 with a combined gross development value (GDV) of RM4.08bil.

The property developer aims to utilise its proceeds of RM166.4mil from the IPO to drive its future expansion plans.

Out of the IPO proceeds, RM100mil or 60.1% has been earmarked for land acquisition for development, 21.2% will be utilised for working capital for project development and 12% will be allocated for the repayment of bank borrowings.

The remaining 6.7% of the proceeds will be used to pay the IPO-related expenses.

SkyWorld also intends to declare a yearly dividend, equivalent to 20% of its profit after tax attributable to owners of the company on a consolidated basis.

To-date, the property developer has successfully completed seven developments within Kuala Lumpur, with a combined GDV of RM3.05bil, and is currently involved in six ongoing developments with a projected combined GDV of RM2.85bil.