PETALING JAYA: Ace Innovate Asia Bhd made its debut on the Leading Entrepreneur Accelerator Platform (LEAP) at its issue price of 26 sen.
The second Bursa Malaysia listing this year saw a placement of 39 million new ordinary shares by the group, representing 13% of its enlarged share capital, which was taken up entirely by eight sophisticated investors.
ACE Innovate raised total gross proceeds of RM10.14mil from the placement. It’s market capitalisation is approximately RM78.01mil.
The group is principally involved in 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 is a market maker for the Bursa Malaysia Derivatives Gold Futures Contract and PT Bursa Komoditi dan Derivatif Indonesia.
Executive director and chief executive officer Go Yoong Chang said the proceeds will be utilised mainly for business and operational expansion.
A total of RM8.95mil or 83.33% will be used for working capital, RM200,000 (1.97%) for enhancement of office safety features, RM64,000 (0.63%) for marketing and advertising expenses and RM920,000 (9.07%) for listing expenses.
“The gold bullion trading industry in Malaysia and the region continues to show promising growth prospects.
“With our strong portfolio of customers, we are confident that ACE Innovate will be well-positioned to ride on the industry’s growth in the long term.
“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, ” said Go.