Malaysian property developer IOI Properties Group Bhd is exploring broader capital market access through a potential secondary listing in Singapore. The move comes as the group expands its engagement with investors and exchange management in the republic.
Highlights
- IOI Properties Group Bhd is discussing a secondary listing on the Singapore Exchange, according to CEO Datuk Lee Yeow Seng.
- SGX Chief Executive Officer Loh Boon Chye is very open to the listing proposal, and the company has begun preliminary steps.
- As of 8 Oct, IOI Properties had a market capitalisation of approximately RM18.6 billion on Bursa Malaysia, and the secondary listing is expected to enhance its regional profile and investor access.
This article was translated from the original. Read the original version by our correspondent here.
Listing discussions with SGX
The Edge Singapore reported that IOI Properties Group Bhd is currently discussing a secondary listing on the Singapore Exchange, according to its chief executive officer, Datuk Lee Yeow Seng.Lee, who was in Singapore for a week for a series of meetings and his appearance at the Forbes Global CEO Conference on 7 Oct, said he also met with SGX Chief Executive Officer Loh Boon Chye. According to Lee, Loh was "very open" to the proposal, and the company has begun preliminary steps towards it.
IOI Properties' market position
IOI Properties has been listed on Bursa Malaysia's Main Market since January 2014. As of 8 Oct, the company had a market capitalisation of approximately RM18.6 billion.A potential secondary listing in Singapore could further strengthen the group's regional profile, particularly in the property sector, while providing broader access to an international investor base.
In our previous report on MyDCD Bhd's IPO plans on the ACE Market, we examined the underwriting agreement that paved the way for an offering involving 480 million shares, comprising newly issued shares and the sale of existing shares. We also highlighted the use of proceeds for working capital and expansion, alongside the data centre sector's growth prospects supporting the capital-raising narrative.
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