AIAB de­buts on LEAP Mar­ket

The Borneo Post - - Front Page -

ACE In­no­vate Asia Bhd (AIAB), a com­pany with a sub­sidiary which at­tained syariah com­pli­ant for gold trad­ing trans­ac­tion, suc­cess­fully listed on the LEAP Mar­ket of Bursa Malaysia Se­cu­ri­ties Bhd (Bursa Malaysia Se­cu­ri­ties) yes­ter­day.

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

Jan­uary 8, 2020

KUCH­ING: ACE In­no­vate Asia Bhd (AIAB), a com­pany with a sub­sidiary which at­tained 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,

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