Thursday 06 Feb 2025
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KUALA LUMPUR (Feb 3): Aquawalk Group Bhd, the owner and operator of Aquaria KLCC, is seeking to list on the ACE Market of Bursa Malaysia, according to its prospectus disclosure filed last Monday (Jan 27). 

This confirmed a report by The Edge Malaysia weekly, published for the week of June 3 to 9, 2024, that Aquawalk, controlled by entrepreneur Datuk Simon Foong, is targeting for an initial public offering (IPO) this year. It is expected to be the region’s first oceanarium operator to go public.

The IPO will involve issuance of 368.6 million new shares comprising a public offering of 92.15 million shares via balloting, 4.69 million shares for eligible directors and employees of the group, and 271.76 million shares for private placement to selected investors. This portion will represent 20% of the group's enlarged share capital. 

On top of that, Aquawalk is also planning an offer for sale of 368.6 million existing shares, representing 20% of the group's enlarged share capital, by way of private placement to selected investors. 

The selling shareholders include its executive chairman Foong, Datuk Seri Teng Ah Kiong, Feliz Natur, Aquawalk Holdings Ltd, Mace Consulting Ltd, Patrick Joss Thomson,  Liam David Thomson, Kathleen Mary Thomson, and Delmango Investments Ltd. 

Post-IPO, Foong will remain as the largest shareholder, with an indirect interest of 50.3% by virtue of his substantial shareholdings in Vestmap, Feliz Natur and Versatrad Agencies.

It is worth noting that Foong is the husband of InNature Bhd (KL:INNATURE) managing director Datin Mina Cheah-Foong. 

Besides Aquaria KLCC, the group also owns and operates Aquaria Phuket, the biggest aquarium exhibit in Thailand, and has a 40% stake in Jakarta Aquarium & Safari (JAQS) in Jakarta.

According to the draft prospectus, Aquawalk intends to utilise the IPO proceeds to finance its capital expenditures to upgrade and develop new attractions, along with IT system improvements, repayment of borrowings, and working capital. 

This includes the proposed construction of a new oceanarium in Kota Kinabalu, Sabah, and a new aquarium in Java, Indonesia. 

For the financial year ended Dec 31, 2023 (FY2023), Aquawalk recorded a net profit of RM33.83 million, up 32.5% from RM25.54 million in FY2022. Revenue for FY2023 stood 33.3% higher at RM95.82 million, compared with RM71.90 million in FY2022. 

The group is poised to record further growth in FY2024, having already reported a net profit of RM33.05 million for the eight-month financial period ended Aug 31, 2024, on revenue of RM68.23 million.

Aquawalk declared that it intends to pay dividends of at least 30% of its annual profit after tax to shareholders in the future, starting from FY2025.

M&A Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.

Edited ByIntan Farhana Zainul
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