KUALA LUMPUR: Only World Group Holdings Bhd plans to raise RM50 million from its initial public offering (IPO), targeted by year-end.
Managing director and chief executive officer Datuk Richard Koh Cheng Keong said the IPO would entail 56.41 million new shares priced at 88 sen per share.
"Of the RM50 million from the IPO,RM30 million will be earmarked for Penang's Komtar Tower refurbishment, RM13 million for business expansion, RM2 million working expenses and the balance for expenses relating to the IPO," he added.
He told reporters this after signing an underwriting agreement with Public Investment Bank Bhd for the IPO exercise.
Koh said the prospectus launch is expected for the last week of November, and listing on the Main Market of Bursa Malaysia, in mid-December.
Meanwhile, on the Komtar Tower development, he said the company is undertaking the refurbishment of five specific levels within it at a total cost of RM60 million.
He said the project is currently about 40 per cent complete and expected to be fully completed between July and August next year.
Established in 1973, Only World Group is a leisure and hospitality services provider that incorporates the operations of food and service outlets, water amusement parks and family attractions.
The largest revenue and profit contributors to the company was food service operations, with the company operating 16 of its own brands and one third party brand.-- Bernama