YX Precious Metals debuts on ACE Market at 28 sen

KUALA LUMPUR: Gold jewellery wholesaler and manufacturer, YX Precious Metals Bhd (YXPM) has debuted on Bursa Malaysia Securities Bhd’s ACE Market today, opening at its issue price of 28 sen per share.

At the opening bell, the counter saw 4.82 million shares changing hands.

Upon its listing, the company's market capitalisation stands at RM104.2 million, with an enlarged share capital of 372.2 million shares.

YXPM managing director Ng Sheau Chyn said the company plans to expand its local operations this year, increasing its current market share of 6.1 per cent with about 300 retail customers to-date.

"We are going to expand our hollow gold jewellery range because the market trend has been heading towards lighter-weight trendy designs, and gold prices have been sustaining at a steady price for now.

"We will also upgrade our operational facilities by automating some of the manufacturing processes and provide refining and essential services to our retail customers," she told the media after the listing ceremony, today.

Ng said that YXPM -- a subsidiary of Tomei Consolidated Bhd -- is planning to expand its local customer base which currently accounts for about 90 per cent of its total customers, and has no plan to increase its overseas market.

"The company’s increasing revenue comes from existing and new customers, we are also very cautious in approaching new customers because we need to assess their credit risk," she said.

YXPM is a one-stop supply centre for gold jewellery, serving customers in countries such as Malaysia, Germany, Hong Kong, Indonesia, Myanmar and Singapore.

The company expects to raise a total of RM31.3 million from the listing exercise, allocating RM6.9 million of the proceeds to expand its hollow gold jewellery range and improve operational efficiency, RM20.86 million for working capital requirements to cater for future demand and RM3.50 million for listing expenses. - Bernama