Parkland receives regulatory approval for Main Market IPO
The developer plans to use public issue proceeds mainly for land purchases and working capital for ongoing and planned developments.
Melaka-based property developer Parkland Bhd has obtained Securities Commission Malaysia approval for a proposed Main Market listing on Bursa Malaysia. The company did not disclose a listing timetable.
Parkland intends to direct most public issue proceeds towards land acquisitions and working capital for developments already under way or planned. Those requirements will collectively cost close to RM1.2 billion. Managing director Datuk Tan See Sen said the IPO would support the company's development plans and land bank expansion.
Its draft prospectus, filed in July, puts the combined gross development value of nine ongoing projects at RM5.9 billion. Covering 779 acres, the portfolio comprises six townships and three other residential developments. These include Johor's Bandar Layangkasa and Melaka's Bandar Botani Parkland.
The developer operates in Johor, Melaka and Selangor and also has an in-house construction arm. Separately, it has entered renewable energy through a joint venture with Hong Kong-listed Xinyi Energy Holdings Ltd for a 99.99-megawatt solar plant in Tangkak, Johor. Commercial operations are expected to begin during the first quarter of 2027.
All proceeds from the IPO's accompanying offer for sale will go to Excel Venture Capital Sdn Bhd. The private vehicle has nearly two dozen shareholders, including Tan.
Hong Leong Investment Bank Bhd is advising on the listing as principal adviser. It will also act alongside AmInvestment Bank Bhd as joint underwriters and joint placement agents.
