During the listing ceremony, founder and non-independent executive chairman Datuk Seri Ng Thien Phing said SkyWorld, which has launched 13 grand-scale projects to-date, plans to launch 10 new developments between the second half of 2023 and 2026 with a combined gross development value of RM4.08bil.
Out of the IPO proceeds, RM100mil or 60.1% has been earmarked for land acquisition for development, 21.2% will be utilised for working capital for project development and 12% will be allocated for the repayment of bank borrowings.SkyWorld also intends to declare a yearly dividend, equivalent to 20% of its profit after tax attributable to owners of the company on a consolidated basis.
To-date, the property developer has successfully completed seven developments within Kuala Lumpur, with a combined GDV of RM3.05bil, and is currently involved in six ongoing developments with a projected combined GDV of RM2.85bil.