KUALA LUMPUR: Only World Group Holdings Bhd (OWG) is targeting to raise RM50 million from its initial public offering (IPO).
The leisure and hospitality services provider expects to be listed on Bursa Malaysia’s Main Market in December at an offer price of 88 sen per share.
“From the IPO, RM30 million will be for Penang’s Komtar Tower refurbishment, RM13 million for business expansion, RM2 million for working expenses and the rest for expenses related to the IPO,” said managing director and chief executive officer Datuk Richard Koh Cheng Keong after the signing of the underwriting agreement with Public Investment Bank Bhd, here, yesterday.
The IPO has obtained the green light from the Securities Commission and the prospectus is slated to be launched in the final week of next month.
“OWG is also expanding its food service outlets,” said Koh.
OWG owns and operates 16 food outlets and a third-party brand in Pahang, Selangor, Sarawak, Johor and Negri Sembilan.
The company is looking at bringing in new food brands into Malaysia.
Koh said its food service operations was the largest revenue and profit contributor to the company.
On the refurbishment of Komtar Tower, he said it was 40 per cent complete and should be completed by August next year.
The company also owns and operates three water amusement parks under the Wet World brand as well as two family attractions, namely Ripley’s Believe It or Not and Haunted Adventure in Genting Highlands.