SkyWorld Development gets SC approval to list on main market of Bursa Malaysia

• In conjunction with the listing, SkyWorld’s initial public offering entails a public issue of 208,000,000 new shares representing approximately 20.8% of its enlarged issued share capital upon listing.

KUALA LUMPUR (May 15): SkyWorld Development Bhd has received approval from the Securities Commission Malaysia to list on the Main Market of Bursa Malaysia Securities Bhd.

In conjunction with the listing, SkyWorld’s initial public offering entails a public issue of 208,000,000 new shares representing approximately 20.8% of its enlarged issued share capital upon listing, the developer announced in a media release today.

Of the 208,000,000 new shares, 50,000,000 will be made available for application by the Malaysian public while 25,000,000 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 133,000,000 new shares will be made available through private placement to institutional and selected investors.

The IPO also involves an offer for sale of 192,000,000 existing shares, equivalent to approximately 19.2% of the enlarged issued share capital of the group. Up 150,000,000 existing shares will be made available via private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (formerly known as Ministry of International Trade and Industry) while the remaining 42,000,000 existing shares have been earmarked for institutional and selected investors.

“We are pleased to receive approval for our listing on the Main Market of Bursa Securities. This is a momentous milestone for us and affirms confidence in SkyWorld’s growth trajectory,” said SkyWorld founder and non-independent executive chairman Datuk Seri Ng Thien Phing.

“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,” he added.

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