KUCHING: Only World Group Holdings Bhd (OWG) successfully listed on the Main Market of Bursa Malaysia Securities Bhd (Bursa Securities) yesterday, opening at 88sen with its first traded volume standing at 1.945 million shares.
At 5pm yesterday, the stock closed at RM0.91 which is a rise of 3.5 sen sen or 3.98 per cent.
More than 31.25 million shares were traded.
The company is involved in the leisure and hospitality industry, and officially commenced trading under the stock short name of OWG.
Speaking after the listing ceremony, managing director and group chief executive officer of OWG, Datuk Koh Cheng Keong said OWG’s listing marks not the end of its journey but rather the new chapter of our growth journey towards a higher level.
“Further, I would like to take this opportunity to express my deepest gratitude to all parties who that have contributed to this success.
“This initial public offering (IPO) has provided us with the opportunity to implement a business plan to strategically position the Company on an even more solid and stable footing within the industry in terms of having sustainable revenue growth,” he added.
Moving forward, OWG targets to strengthen its presence by expanding its footprint in the northern region of Malaysia, specifically Penang.
Majority of the proceeds raised from the IPO will be utilised for the KOMTAR Revitalisation Project in Penang, which is expected to be completed in the third (3rd) quarter of 2015.
The IPO, which entailed the issuance of 56.41 million new ordinary shares at an issue price of RM0.88 per share, had raised RM49.64 million in proceeds for the Group, of which RM30 million will be utilised for the refurbishment of five levels within the KOMTAR Tower in Penang.
The company also intends to utilise RM13 million from the IPO proceeds for the setting-up of ten (10) new food service outlets and for the expansion of the Wet World Water Park Shah Alam in Selangor.
The remaining balance of the IPO proceeds will be utilised for working capital purposes and listing expenses.
OWG is the only leisure and hospitality industry player listed on Bursa Securities in 2014 and its IPO had garnered 6.91 times oversubscription for the public portion.
Public Investment Bank Berhad is the Principal Adviser, Sole Underwriter and Sole Placement Agent for OWG’s IPO.