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PETALING JAYA: SkyWorld Development Bhd, an urban property developer principally involved in investment holding, provision of management services to its subsidiaries and property development, premiered on the Main Market of Bursa Malaysia Securities in Kuala Lumpur today.

The company’s share price opened at 80 sen – unchanged from its initial public offering price – with a volume of 16.4 million shares, giving it a market capitalisation of RM800 million. The counter closed at 74 sen with 110.5 million shares traded.

SkyWorld founder and non-independent executive chairman Datuk Seri Ng Thien Phing said: “We are delighted to be successfully listed on the Main Market. As SkyWorld embarks on this new journey, we are confident that its strategic approach and careful allocation of resources will enable it to deliver a modern skyline of quality development projects and accelerate its development plans both locally and regionally.

“The listing is a major milestone for the company and culminates the efforts of the entire team who has worked hard to bring the SkyWorld brand to the public.

“We wish to thank our investors for their unwavering trust and support. SkyWorld intends to declare a yearly dividend with a target payout ratio of 20% of its profit after tax attributable to owners of the company on a consolidated basis,” he added.

The company raised RM166.4 million through an offering of 208 million new ordinary shares at 80 sen each.

Of the proceeds raised, RM100 million has been allocated for the acquisition of land for development. Meanwhile, RM35.2 million and RM20 million have been budgeted towards working capital for project development and repayment of bank borrowings respectively. The remaining RM11.2 million has been allocated to defray fees and listing expenses.

Kenanga Investment Bank Bhd is the principal adviser, underwriter and placement agent while Newfields Advisors Sdn Bhd is the financial adviser for SkyWorld’s IPO exercise.