AIAB debuts on LEAP Market
KUALA LUMPUR: ACE Innovate Asia Bhd (AIAB), a company with a subsidiary which a ained syariah compliant for gold trading transaction, successfully listed on the LEAP Market of Bursa Malaysia Securities Bhd (Bursa Malaysia Securities) 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 RM0.26 per share, raising a total of RM10.14 million. Upon its listing, AIAB had market capitalisation of approximately RM78.01 million based on its issue price.
The proceeds will be utilised mainly for the business and operational expansion, which include RM8.95 million (88.33 per cent) for working capital, RM200,000 (1.97 per cent) for enhancement of office safety features, RM64,000 (0.63 per cent) for marketing and advertising expenses and RM920,000 (9.07 per cent) for listing expenses.
The company is principally involved in bullion trading of physical gold products such as scrap gold bars, cast gold bars and minted gold bars.
In addition, AIAB is also involved in the provision of assaying services and begin participating as a market maker for Bursa Malaysia Derivatives Gold Futures Contract and PT Bursa Komoditi dan Derivatif Indonesia.
At the listing ceremony, AIAB executive director and chief executive officer Go Yoong Chang said that the gold bullion trading industry in Malaysia and in the region continues to show promising growth prospects.
“With our strong portfolio of customers, we are confident that AIAB will be well-positioned to ride on the industry’s growth in the long-term,” Go added.
“With these positive global trends, we are capitalising our efforts to be one of the leading players in gold bullion trading in Malaysia, both physical and via e-commerce.
“As such, we plan to use part of the proceeds raised from the listing and to enlarge our current business operations and pursue future opportunities in the industry.”
The company also aims to increase market awareness of its products and services via strategic advertising and promotion campaigns and expand customers base.
“Throughout the past eight years in this business, we have successfully established a good reputation within our industry, built on the foundation of several key strengths.
“Our company is driven by the leadership of our experienced and commi ed key management, and this has resulted in our ability to successfully sustain our business throughout all these years.”
Further, the listing will also provide an opportunity for sophisticated investors to participate in the company’s equity and continuing growth, expand its products and services to future and existing customers, as well as to penetrate into various markets to acquire new customers.
TA Securities Holdings Bhd is the approved adviser, placement agent and continuing adviser of AIAB.
With our strong portfolio of customers, we are confident that AIAB will be well-positioned to ride on the industry’s growth in the long-term. Go Yoong Chang