RDS Partnership Advises SkyWorld Development Berhad On Its Main Market Listing
Congratulations to SkyWorld Development Berhad (SkyWorld) on its successful listing on the Main Market of Bursa Malaysia Securities Berhad (Bursa Securities) on 10 July 2023. SkyWorld specialises in urban real estate development, with a primary focus on high-rise residential and commercial as well as affordable properties in Kuala Lumpur. SkyWorld has completed 7 developments with a total gross development value of RM 3.05 billion since 2014.
SkyWorld’s IPO on the Main Market of Bursa Securities entails an enlarged share capital of one billion shares at an IPO price of RM 0.80 per share, giving SkyWorld a market capitalisation of RM 800 million upon listing.
Proceeds from the public issue will be utilised for the acquisition of land for development, working capital for project development, repayment of bank borrowings and IPO-related expenses.
The firm is pleased to have played a part in the listing exercise as SkyWorld’s IPO solicitors. Our Capital Markets & M&A Head & Partner, Ong Eu Jin together with Senior Associates Lily Lee Zai-Lii and Diane Ngu Dai En and Associates Christin Wong Tsui Yuan, Rowena Ng Zhi Ying and Ivy Tee Sook Peng were the key lawyers involved in this corporate exercise.
Our Capital Markets & M&A team is active in the IPO space. If you have any queries, please contact our Capital Markets & M&A Head & Partner, Ong Eu Jin at eujin@rdslawpartners.com.
More information on the listing can be found at:
The Star
The Edge Malaysia
10 July 2023