KUALA LUMPUR (April 21): YX Precious Metals Bhd (YXPM), the wholly owned precious metals arm of Tomei Consolidated Bhd, which is on course to list on Bursa Malaysia’s ACE market by the end of June, has entered into an acquisition agreement with the Public Investment Bank signs Bhd in connection with its forthcoming initial public offering (IPO).
The Public Investment Bank is the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO exercise.
The IPO involves a public offering of 111.65 million new shares of YXPM, Tomei said in a filing with Bursa Malaysia on Thursday (April 21).
Under the terms of the agreement, Public Investment Bank will acquire 48.38 million shares in the proposed public offering of the IPO.
Of YXPM’s 48.38 million shares, 18.61 million shares or 5% of the enlarged issued share capital will be made available for application by the Malaysian public by ballot, 11.16 million shares or 3% of the enlarged issued share capital will be made available for application by eligible directors and employees , and 18.61 million shares or 5% of the expanded issued share capital to Tomei shareholders under the proposed restricted offering.
In a separate statement, YXPM chief executive Ng Sheau Chyn said the signing of the agreement comes at an opportune time as the group stands ready to capitalize on rising demand for gold jewelry products.
“By transitioning to a public company, we hope to continue on our growth trajectory to take us into the next phase of expansion.
“We plan to use the proceeds from the IPO to purchase new equipment and upgrade our existing facilities to improve our operational efficiencies,” she added.
YXPM is mainly engaged in the wholesale, design and manufacture of gold jewelry. YXPM also offers other related products and services including selling scrap and pure gold bullion, manufacturing silver chains and providing precious metals refining services.
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