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KUALA LUMPUR (Oct 30): Aquawalk Group Bhd, the owner and operator of Aquaria KLCC, on Thursday launched a share sale that could raise nearly RM230 million from the ACE Market.
The initial public offering (IPO) is priced at 31 sen per share, according to the prospectus. The IPO will raise RM114.3 million for Aquawalk to upgrade existing attractions and develop new oceanariums as well as another RM114.3 million for a group of current shareholders.
Applications for the IPO will close on Nov 7, with the company scheduled for listing on Nov 19.
The listing coincides with the 20th anniversary of Aquaria KLCC that has been a staple of educational visits for school trips and a magnet for tourists. The company also owns Aquaria Phuket, the biggest aquarium exhibit in Thailand, and a 40% stake in Jakarta Aquarium & Safari in Indonesia.
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Aquawalk plans to use the funds raised from public issue of new shares to fund capital expenditures for upgrading and developing new attractions, enhancing its information technology systems, repaying borrowings, and supporting working capital needs.
The plans also include construction of a new oceanarium in Kota Kinabalu, Sabah, and a new aquarium in Java, Indonesia.
Proceeds from the sale of existing shares, meanwhile, will go to a group of shareholders including executive chairman Datuk Simon Foong. A serial entrepreneur, Foong is also the Malaysian franchise owner of The Body Shop and Burger & Lobster. He also controls InNature Bhd (KL:INNATURE).
M&A Securities is the adviser, sponsor, and managing underwriter for the IPO with CGS International Securities as a joint underwriter and joint placement agent.