YX Precious Metals Bhd, a wholesaler and manufacturer specialising in gold jewellery, has successfully launched its prospectus at the One World Hotel.
This is in conjunction with its Initial Public Offering and listing on the ACE Market of Bursa Malaysia Securities Bhd. YXPM is currently a 100.00% owned subsidiary of Tomei Consolidated Bhd, a company listed on the Main Market of Bursa Securities.
YXPM aims to raise RM31.26 million from this IPO to fund its expansion plans. The IPO comprises a public issue of 111.65 million new shares, representing 30.00% of YXPM’s enlarged issued share capital, at an issue price of RM0.28 per share.
22.07% of this RM31.26 million or RM6.90 million, has been earmarked for the purchase of new machinery and equipment as well as upgrading of operational facilities, while 66.73% or RM20.86 million is allocated towards working capital requirements. The remaining 11.20% or RM3.50 million is to defray listing expenses.
Commenting on the launch of the IPO prospectus, Ms. Ng Sheau Chyn, the Managing Director of YXPM, said, “This IPO exercise will allow us to take advantage of the surge in demand for gold jewellery over the past few years as we will be expanding our product portfolio to introduce a new range of hollow gold jewellery to the market. This is timely for us as global preference for gold jewellery has been shifting towards the more affordable and trendy hollow gold jewellery, particularly amongst the younger consumers.
Not only that, but we will also be implementing more automation within our manufacturing processes to enhance operational efficiency and reduce the reliance on manual labour for certain processes.”
Mr. Lee Yo-Hunn, the Chief Executive Officer of Public Investment Bank Berhad, said, “Throughout the many months of working alongside YXPM, I can see that it is evident that the Group led by its Managing Director, Ms. Ng Sheau Chyn, is scaling greater heights as she charts the future growth of YXPM. Having been with the Group for approximately 30 years, Ms. Ng has established a strong foundation for the Group under her stewardship, as she has played an instrumental role in growing the Group’s business to what it is today.
Presently, with a distinguished and highly capable Board of Directors led by Tan Sri Azlan Zainol as Chairman, we are confident that YXPM will grow from strength to strength and deliver a strong set of results to all its stakeholders.”
Pursuant to the launch of YXPM’s prospectus, applications for the Public Issue are open from today and will close on 9 June at 5.00 p.m. YXPM is scheduled to be listed on the ACE Market of Bursa Securities on 23 June 2022.
Upon its listing on the ACE Market, YXPM will have a market capitalisation of RM104.20 million based on the issue price of RM0.28 per share and its enlarged issued share capital of 372.15 million shares.
Public Investment Bank Berhad is the Principal Adviser, Sponsor, Sole Underwriter and Sole Placement Agent for this IPO exercise.