Parkland Gets SC Nod For Main Market Listing
KUALA LUMPUR, Oct 29 (Bernama) -- Property developer Parkland Bhd has received the Securities Commission Malaysia’s (SC) nod for its initial public offering (IPO) and proposed listing on the Main Market of Bursa Malaysia Securities Bhd.
The company develops integrated townships and property developments in Johor, Melaka and Selangor, supported by in-house construction capabilities, it said in a statement.
Parkland's IPO will comprise 621.54 million IPO shares, representing about 26.3 per cent of its enlarged issued share capital of 2.36 billion shares upon listing.
This consists of a public issue of 468.14 million new shares and an offer for sale of 153.40 million existing shares.
Under the IPO, 550.74 million shares will be made available to institutional and selected investors as well as bumiputera investors approved by the Investment, Trade and Industry Ministry, while the balance of 70.80 million shares will be made available to the Malaysian public via balloting and eligible employees and persons who have contributed to the group’s success.
“Proceeds from the public issue will be used mainly to acquire land banks and fund working capital for Parkland’s developments,” Parkland said.
The group has launched integrated townships and standalone property developments with a total gross development value of RM7.4 billion for the launched phases, while maintaining a strong planned development pipeline of RM5.05 billion, about 75.5 per cent of which is located in Johor, as of May 25, 2026.
It said the group has also ventured into the renewable energy sector through a joint venture (JV) with Xinyi Power Station Development (Malaysia) Sdn Bhd, a unit of Hong Kong-listed Xinyi Energy Holdings Ltd. The JV has secured the development of a 99.99-megawatt large-scale solar plant in Tangkak, Johor, which is expected to commence commercial operations in the first quarter of 2027.
Hong Leong Investment Bank Bhd is the principal adviser for the IPO and, together with AmInvestment Bank Bhd, is a joint placement agent and joint underwriter.
-- BERNAMA