SkyWorld considers listing by 2019

KUALA LUMPUR (Oct 24): SkyWorld Development Sdn Bhd is considering listing on Bursa Malaysia by 2019 to capitalise on its tangible and intangible assets.

"Until this level, we are considering an initial public offering, but not in the immediate term," said SkyWorld founder and group managing director Datuk Ng Thien Phing here today.

He added the group will only consider floating its shares on the exchange by 2019 as the current economic situation is deteriorating.

Based on the group's internal estimation, he said its bottom line is likely to rise to about RM40 million in the financial year ending March 31, 2017 (FY2017).

"We derived a profit of RM8.12 million in FY15; it rose to RM11.8 million in FY2016. Based on the figures, we are qualified for a listing," said Ng after the topping off ceremony of the Ascenda Residence, the first phase of SkyArena in Setapak here today.

Also present at the ceremony were Setiawangsa MP Datuk Ahmad Fauzi Zahari, Kuala Lumpur City Hall executive director for planning Datuk Mohd Najib and SkyWorld deputy group managing director Lam Soo Keong.

Ahmad Fauzi said the road infrastructure of the area will be upgraded along with the development.

According to him, a flyover connecting Jalan Genting Klang to Jalan Ayer Jerneh will be built to improve traffic flow.

"Apart from that, SkyWorld under its corporate social responsibility programme will be allocating RM30 million to widen Jalan Ayer Jerneh to 100ft," he added.

Ascenda Residence comprises 650 units spread across 3.35 acres, themed a health-centric enclave for sustainable living that promises 360° of health and happiness.

Under the SkyArena development, it will also feature a 9.4-acre multi-facility SkyArena sports complex with state-of-the-art sports facilities, such as an Olympic-size swimming pool, diving pool and international tennis courts.

The development was first announced in 2006 by the then acting Federal Territories Minister Datuk Seri Shahrizat Abdul Jalil during a Federal Territories Day event.

The project is a joint venture between SkyWorld and DBKL.

Both parties had inked an agreement back then which involved a land-swap deal. Under the agreement, the developer gets a 7.5ha land in Setapak, and in return it will build the RM133 million Setapak sports complex. — theedgemarkets.com