YX Precious Metals debuts on ACE Market – Borneo Post Online

Azlan (third left) alongside other directors from YX Precious Metals during its listing yesterday.

KUCHING (June 24): YX Precious Metals Bhd (YX Precious Metals), a wholesaler and manufacturer specialising in gold jewellery, officially debuted on the ACE Market of Bursa Malaysia Securities Bhd this morning under the stock name of ‘YXPM’ and stock code of ‘0250’.

Speaking at the listing ceremony, independent non-executive chairman of YXPM, Tan Sri Azlan Mohd Zainol said, “As demonstrated from the public portion of our shares which was oversubscribed by 26.36 times, this strong interest from the members of the public will give us motivation to strive for better achievements in the coming years.”

The IPO exercise entails a public issue of 111.65 million new ordinary shares at an issue price of RM0.28 per share. Based on the issue price and the enlarged issued share capital of 372.15 million, YXPM has a market capitalisation of RM104.20 million.

With the listing, YXPM raised a total of RM31.26 million in proceeds. RM6.90 million or 22.07 per cent of the total proceeds have been allocated to expand its hollow gold jewellery range and improve operational efficiency.

Meanwhile, RM20.86 million or 66.73 per cent have been earmarked for working capital requirements to cater for future demand, while the remaining RM3.50 million or 11.20 per cent will be used to defray listing expenses.

Public Investment Bank Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent for this IPO exercise.

To recap, YX Precious Metals was incorporated in Malaysia under the Companies Act 2016 on January 11, 2021 as a private company under the name of YX Precious Metals Sdn Bhd and was subsequently converted to a public company on March 11, 2021.

YX Precious Metals is an investment holding company. Through its subsidiaries, YX Precious Metals is principally involved in wholesaling, design and manufacturing of gold jewellery. YX Precious Metals also offers other related products and services including sale of scrap and pure gold bars, manufacture of silver chains, and provision of refining services for precious metals.

Being a gold jewellery specialist, YX Precious Metals focuses on 916-gold jewellery and offers a wide range of gold jewellery including gold chain products such as necklaces, bracelets, anklets and basic chains, as well as bangles, rings, pendants, charms and earrings.

The firm’s range of products consists of gold jewelleries that are sourced from external manufacturers and internally sourced from its own manufacturing operations
YX Precious Metals mainly serves the Malaysian market as well as exports its products to foreign countries, including Germany, Hong Kong, Indonesia, Myanmar and Singapore.

Its customers are mainly trade customers or intermediaries, such as retailers and wholesalers, as well as jewellery manufacturers.

Read The Original Article