If you’ve ever taken the bridge from KLCC to Pavillion, then you’ve no doubt heard about Aquaria KLCC before.
A hotspot for school trips and tourists alike, it is a name forever ingrained in the hearts of Malaysians with nostalgia.
Recently, its owner, the Aquawalk Group, revealed its intentions to list on the ACE Market. If all goes to plan, this will be the first time an oceanarium operator has gone public within the region.
Dictionary time: ACE Market, formerly known as MESDAQ, is a sponsor-driven market designed for companies with growth prospects. Read more about it here.
The nitty-gritty
As reported by The Edge, the initial public offering (IPO) will see an issuance of 368.6 million new shares. This will be divided into the following:
- 271.76 million shares in private placements to selected investors
- 92.15 million shares in public offerings via balloting
- 4.69 million shares for specific directors and employees of the group
An additional 368.6 million existing shares will also be on offer through private placement to selected investors.
Starting from 2025, Aquawalk also shared its intentions to pay shareholders dividends of 30% of its annual profit minimum. This comes after tax, of course.
For extra context, the group recorded a net profit of RM25.54 million in 2022, increasing to RM33.83 million the following year. This was nearly matched by August 2024, where the group made RM33.05 million before the year had even ended.
Also of note is that M&A Securities Sdn Bhd will act as the group’s principal adviser, sponsor, underwriter, and placement agent for the process.
Biding time
The decision to list the Aquawalk Group has been in the works for quite a while now. By no means was it a hasty one.
An interview between group CEO Dato’ Simon Foong and The Edge back in 2018 revealed that plans have been in motion since at least then.
At the time, Aquaria Phuket in Thailand, the group’s second aquarium, was still under construction. While the Aquawalk Group was capable of seeking a listing with just Aquaria, Foong wanted to have more than one aquarium before going public.
Though they initially planned their IPO for 2020, plans were shelved until June 2024 where it was revealed that this year would be their new target.
Diving towards the future
At this time, the Aquawalk Group has yet to reveal their targeted proceeds. What is known is how they intend to use them, as per their prospectus.
Funds will be allocated to repaying borrowings, working capital, optimising IT systems, as well as upgrading and developing new attractions.
Locally, construction plans include a new oceanarium in Kota Kinabalu, Sabah, according to The Edge’s 2025 report.
The group is also seeking to increase their presence in Indonesia where they possess a 40% stake in Jakarta Aquarium & Safari. To that end, the building of another oceanarium has also been proposed for Java.
Though CEO Dato’ Simon Foong will be amongst those selling his shares, he will nevertheless remain the group’s largest shareholder following the IPO. His shareholdings in other companies brings his indirect interest to 50.3%.
Though an IPO comes with its fair share of risks, it is difficult to imagine Aquawalk and its brands falling on hard times.
Here’s hoping that the extra capital will bring with it joy to wherever the group decides to open their doors.
Featured Image Credit: Aquaria KLCC, Aquaria Phuket
