New Straits Times
AIAB EYES BIGGER GOLD BULLION MART
Company expects physical, e-commerce trading to shine in future, says CEO
ACE Innovate Asia Bhd (AIAB) aims to tap a bigger market in the gold bullion trading industry in Malaysia and the region as the sector continues to show growth prospects in the coming years.
“With our strong portfolio of customers, we are confident AIAB will be well positioned to ride the industry’s growth in the long term.
“With positive global trends, we want to be one of the leading players in gold bullion trading in Malaysia, both physical and via ecommerce.
“We plan to use part of the proceeds raised from the listing to enlarge our current business operations and pursue future opportunities in the industry,” said director and chief executive officer Go Yoong Chang at AIAB’s listing on the Leading Entrepreneur Accelerator Platform (LEAP) Market of Bursa Malaysia, here, yesterday.
AIAB placed out 39 million new ordinary shares, representing 13 per cent of the company’s enlarged share capital to selected sophisticated investors at 26 sen per share.
The company, which raised RM10.14 million, has market capitalisation of about RM78.01 million after the listing exercise.
The proceeds will be mainly used for business and operational expansion, which includes RM8.95 million for working capital, RM200,000 for enhancement of office safety features, RM64,000 for marketing and advertising expenses, and RM920,000 for listing expenses.
AIAB is mainly involved in the bullion trading of physical gold products, such as scrap gold bars, cast gold bars and minted gold bars.
It is also involved in the provision of assaying services and has started participating as a market maker for Bursa Malaysia Derivatives Gold Futures Contract and Indonesia Commodity and Derivative Exchange.
According to reports, gold priced in US dollar has gone in the same direction as the United States stock market seven times since 2010, the most in any decade since bullion prices were cut free from fixed exchange rates fifty years ago.
“In the past eight years, we established a good reputation within the industry due to several key strengths. Our experienced top management played a key role in sustaining our business, which is proven by the group’s growth and profitability,” said Go.