SkyWorld Goes Public on The Main Market at RM0.80
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, today premiered on the Main Market of Bursa Malaysia Securities Berhad. The share price opened at RM0.80 with an opening volume of 16,426,400 shares, representing a market capitalisation of RM800 million. The Company is listed under the stock name of ‘SKYWLD’ and stock code of ‘5315’.
SkyWorld founder and non-independent executive chairman Datuk Seri Ng Thien Phing said, “We are delighted to be successfully listed on the Main Market. As SkyWorld embarks on this new journey, we are confident that its strategic approach and careful allocation of resources will enable it to deliver a modern skyline of quality development projects and accelerate its development plans both locally and regionally. The listing is a major milestone for the company and culminates the efforts of the entire team who has worked hard to bring the SkyWorld brand to the public.”
“We wish to thank our investors for their unwavering trust and support. SkyWorld intends to declare a yearly dividend with a target payout ratio of 20% of its profit after tax attributable to owners of the company on a consolidated basis,” he added.
The Company successfully raised RM166.40 million in proceeds through an offering of 208,000,000 new ordinary shares at RM0.80 each. Of the total proceeds raised, RM100.0 million has been allocated for the acquisition of land for development. Meanwhile, RM35.2 million and RM20.0 million have been budgeted towards the working capital for project development purchase and repayment of bank borrowings respectively. The remaining RM11.2 million has been allocated to defray fees and listing expenses for SkyWorld’s IPO.
Kenanga Investment Bank Berhad is the principal adviser, underwriter and placement agent while Newfields Advisors Sdn. Bhd. is the financial adviser for this IPO exercise.
