Ace Innovate scores 26.9% premium in LEAP Market debut

PETALING JAYA: Ace Innovate Asia Bhd (AIAB) registered a 7 sen or 26.9% premium over its issue price of 26 sen in its debut on the LEAP Market yesterday.

The stock closed at 33 sen on 28,000 shares done.

AIAB, which is involved in physical trading of gold products, raised RM10.14 million from its public offering.

Executive director and CEO Go Yoong Chang said the gold bullion trading industry in Malaysia and the region continues to show promising growth prospects.

“We are confident that Ace Innovate will be well-positioned to ride on the industry’s growth in the long-term,” he said.

The CEO highlighted that with the positive global trends, it is strives to be one of the leading players in gold bullion trading in Malaysia, via e-commerce or physical trading.

“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,” he said.

Of the proceeds raised from the listing, some RM8.96 million will be utilised for working capital, RM200,000 for enhancement of its office safety features and RM64,000 for advertising and marketing expenses.