Only World's Malaysian public portion oversubscribed 7 times

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KUALA LUMPUR (Dec 9): Only World Group Holdings Bhd (OWG) announced today that the Malaysian public portion of its initial public offering (IPO) was oversubscribed by about seven times.

In a statement today, OWG, which runs food service outlets and water amusement parks, said it received 3,307 applications from the Malaysian public involving 73.17 million shares.

OWG managing director and group CEO Datuk Koh Cheng Keong said the oversubscription indicated optimism on the company's prospects.

“We are very encouraged by the public support garnered for our IPO, given the recent market sentiments. This positive subscription rate indicates investors’ belief in our business model and potential growth moving forward.

"With this, we are confident that we are on the right path as we aim to scale greater heights with our new corporate profile," Koh said.

OWG's IPO involves a public issue of 56.41 million new shares at 88 sen each to raise about RM50 million. The Malaysian public portion comprises 9.25 million shares.

The RM50 million proceeds will finance the refurbishment of five floors in the Penang's Komtar tower.

OWG is expected to be listed on Bursa Malaysia's Main Market this December 18.