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    January, 2024

    SkyWorld’s IPO Shares Oversubscribed

    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, announced that the public portion of its initial public offering (“IPO”) has been oversubscribed.

    SkyWorld’s IPO involves a public issue of 208,000,000 new shares and offer for sale of 192,000,000 existing shares at RM0.80 per share in the following manner:

    1. A retail offering of 75,000,000 shares representing 7.5% of SkyWorld’s enlarged issued shares:

    a. 50,000,000 shares for application by the Malaysian public via balloting; and

    b. 25,000,000 shares for application by eligible directors, key senior management, employees and persons who have contributed to the success of the Company.

    2. An institutional offering of 325,000,000 shares representing 32.5% of SkyWorld’s enlarged issued shares (“Institutional Offering”):

    a. 150,000,000 shares will be offered to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (formerly known as Ministry of International Trade and Industry) (MITI); and

    b. 175,000,000 shares will be offered to institutional and selected investors.

    The Company received a total of 3,378 applications for 59,488,900 shares from the Malaysian public over 6 working days for the 50,000,000 public issue shares made available for application by the Malaysian public, representing an overall subscription rate of 1.19 times. Of this, a total of 1,644 applications for 30,783,300 shares were received for the Bumiputera portion, representing a subscription rate of 1.23 times. For the remaining Malaysian public portion, a total of 1,734 applications for 28,705,600 shares were received, representing a subscription rate of 1.15 times. The 25,000,000 public issue shares made available for application by eligible directors, key senior management, employees and persons who have contributed to the success of the Company and the Institutional Offering were also fully subscribed.

    SkyWorld founder and non-independent executive chairman Datuk Seri Ng Thien Phing said, “I would like to express my deepest gratitude to all our investors for their trust and confidence in SkyWorld. We look forward to our listing on 10th July and are excited of our growth journey ahead. Our dedication to providing exceptional value, coupled with our unwavering focus on customer satisfaction, will continue to be the driving force behind our success.”

    In conjunction with the IPO, Inter-Pacific Research Sdn. Bhd. has issued an IPO note which gave SkyWorld a fair value of RM1.03 per share. In addition, three other research houses namely PublicInvest Research, TA Securities Research and RHB Research have valued SkyWorld at RM0.96, RM0.92 and RM0.90 per share respectively.

    SkyWorld is expected to be listed on the Main Market of Bursa Malaysia Securities Berhad on 10 July 2023. Ahead of the listing, SkyWorld will conduct a virtual webinar to the general public and new shareholders on 8 July 2023 to update on their full year results and growth prospects. Details of the webinar will be made available on SkyWorld’s Official Facebook page at https://www.facebook.com/SkyWorldDevelopment/ or under SkyWorld’s ‘Investor Relations’ tab on their website at www.skyworldgroup.com.my/investor-relations.

    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.

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