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

In a statement on Monday (May 15), Skyworld said its initial public offering (IPO) entails a public issue of 208 million new shares representing approximately 20.8% of its enlarged issued share capital upon listing.

SkyWorld is principally involved in investment holding, provision of management services to its subsidiaries, and property development.

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

The IPO further entails an offer for sale of 192 million existing shares, equivalent to approximately 19.2% of the enlarged issued share capital of the group.

A total of 150 million existing shares will be made available via private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry, while the remaining 42 million existing shares have been earmarked for institutional and selected investors.

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