Ivory Properties Group Berhad held an official prospectus launching ceremony on 12 July 2010 at AmBank Group’s headquarters where it marked its first milestone as a public-listed company. AmInvestment Bank Berhad is Ivory’s appointed Adviser, Managing Underwriter, Underwriter and Sole Placement Agent to the Initial Public Offer (IPO).

The group’s listing exercise involved a public issue of 44,899,000 new ordinary shares and an offer for sale of 16,170,000 ordinary shares to Bumiputra investors approved by the Ministry of International Trade and Industry (MITI). Based on its paid-up capital of 186 million shares and issue price of RM1.00 per share, the initial market capitalization is RM186 million.  

At the prospectus launching ceremony, Dato’ Low Eng Hock, the group’s Chairman/CEO extended his heartfelt thanks to all Ivory staff, advisors, auditors, bankers, lawyers, consultants and valuers whose team effort materialized into a resounding success.

With the listing, Ivory is geared up to further enhance its ability in completing its ongoing and future projects as well as to venture into bigger developments locally and abroad. Since its establishment in 1999, Ivory has undertaken a multitude of completed and ongoing projects with a gross development value (GDV) totaling RM1.51 billion.

Dato’ Low unveiled a mock prospectus with Mr T C Kok, the Managing Director of AmInvestment Bank Bhd to signify the launching ceremony.  Also present were the Group’s other Board of Directors, Dato’ Seri Nazir Ariff, Mr Ron Loh, Mr Ooi Choi Kiat, Mr Lim Hock Siu, Mr Loh Chye Teik and Dr Asairinachan Kunjamboo.

The balloting of public issue shares was carried out on 21 July 2010 while the listing on the main market of Bursa Malaysia Securities Berhad took place on 28 July 2010.

Ivory recorded historical proforma consolidated profit after taxation (PAT) of approximately RM10.04 million, RM22.5 million, RM26.5 million, RM26.87 million  and RM17.17 million for the financial years ended 31 December 2005, 2006, 2007, 2008 and 2009 respectively. The group is forecasting a proforma consolidated PAT of approximate RM33.86 million for the financial year ending 31 December 2010.