GOLDEN DESTINATIONS EYES RM90 MLN FROM ACE MARKET IPO, TO ALLOCATE RM50 MLN FOR NEW HQ

KUALA LUMPUR, March 26 (Bernama) -- Full-service outbound travel experience curator, Golden Destinations Group Bhd, aims to raise RM90 million from its initial public offering (IPO) on the ACE Market of Bursa Malaysia on April 16, 2026.

The company said in a statement that RM50 million from the IPO proceeds will be used for a new centralised headquarters in Kuala Lumpur to consolidate its operations and support its expanding workforce and operational requirements.

A sum of RM13.50 million will be set aside for strengthening branding, marketing, and promotional initiatives to enhance the visibility of the Golden Destinations brand in Malaysia and Singapore and reinforce its market presence within the outbound travel industry. Additionally, RM6 million is allocated for the expansion of geographical presence, including strengthening market penetration in East Malaysia and exploring opportunities to establish a presence in the Singapore market.

Its executive director, Lim Swee Chuan, said the company is planning to expand its brand presence in Sabah and Sarawak.

“The most important milestone will be the establishment of operations in Singapore. Outbound expenditure in Singapore is much higher than in Malaysia. Singapore’s spending is about two to four times higher than Malaysia’s. Although the population is smaller, the demand for outbound travel is very high,” he told a press conference during the company’s prospectus launch here today.

The company said RM4 million will be invested in the enhancement of information technology (IT) systems and operational infrastructure, while another RM6 million is set for the expansion of the workforce.

Asked about the conflict in West Asia and the spike in oil prices affecting the company, its chief operating officer, Charles Lim, said the company has only been impacted minimally, as it already had a contract with an airline partner. “Golden Destinations already had a contract with our airline partner, so they have to honour our fuel surcharge at this point, which follows the previous fuel surcharge,” he added.

Echoing the sentiment, Lim Swee Chuan explained that the company’s business is a bit different from others. “Our major ticket sales come from two main series. This round of bookings was made about one year in advance, and we have already secured sales until December 2026. For certain airlines, we can secure capacity up to March 2027, so the prices are fixed and will not change. We also have sufficient capacity, which is enough to meet demand, even at last year’s levels,” he added.

On the IPO, Golden Destination said that with the issuance of 200 million new shares at an issue price of RM0.45 per share, its market capitalisation would be RM450 million, based on an enlarged issued share capital of one billion shares. 

Applications for the IPO will open at 10.00 am on the date of the prospectus launch and will close at 5.00 pm on April 6, 2026.

UOB Kay Hian (M) Sdn Bhd is the principal adviser, sponsor, underwriter, and placement agent for Golden Destinations’ IPO.

-- BERNAMA