Executive chairman Datuk Simon Foong Choong Heng at the prospectus launch of Aquawalk Group Bhd.— RAJA FAISAL HISHAN/The Star
PETALING JAYA: Oceanarium operator Aquawalk Group Bhd
is seeking to raise RM114.27mil from its upcoming initial public offering (IPO) on the Main Market at 31 sen per share, mainly to fund upgrades and new project developments.
The group currently owns and operates Aquaria KLCC in Malaysia and Aquaria Phuket in Thailand, and holds a 40% stake in Jakarta Aquarium Safari in Indonesia.
Aquawalk’s operations are divided into two core segments – the operation and development of its own aquariums, which contribute about 99% of group revenue, and the design, development and maintenance of third-party aquariums.
The IPO involves a public issue of 368.6 million new shares and an offer for sale of another 368.6 million existing shares, representing a total of 40% of the company’s enlarged share capital.
Of the total proceeds, RM89.77mil or 78.6% will be channelled to capital expenditure (capex), including upgrades to Aquaria KLCC and Aquaria Phuket and the construction of new aquariums in Sabah and Sarawak, and Indonesia.
Another RM3mil or 2.6% will be set aside for information technology system upgrades, RM14.49mil or 12.7% for working capital and RM7mil or 6.1% for listing expenses.
Within the capex allocation, RM12.2mil will be spent on upgrading Aquaria KLCC, which will see the addition of a penguin tank exhibit expected to open by mid-2026.
Another RM20.7mil will be channelled to Aquaria Phuket, which will feature new “star animals” such as seals, penguins and sand tiger sharks, along with the expansion of a new aviary area.
Meanwhile, RM39.6mil has been earmarked for the construction of a new aquarium in Kota Kinabalu, Sabah, a project estimated to cost RM70.5mil in total.
This will be developed under a 60:40 joint venture between Aquawalk Malaysia and Qhazanah Sabah Bhd, the investment arm of the state government, with Aquawalk’s share of the cost amounting to RM42.3mil.
In Indonesia, the group plans to invest RM17.3mil to develop an aquarium in Surabaya, East Java in collaboration with PT Maju Batu Bersama, the developer of a recreational theme park complex.
The RM28.8mil project is also expected to be undertaken under a 60:40 joint venture, with Aquawalk holding the majority stake.
The joint venture agreement is expected to be finalised by December.
During the group’s prospectus launch yesterday, executive chairman Datuk Simon Foong Choong Heng said Aquawalk’s mission extends beyond building oceanariums.
“We don’t just create oceanariums – we create ecosystems for millions of visitors, teaching them to be eco-warriors and to take action in saving and protecting the ocean itself,” Foong said.
