Tomei ropes in PublicInvest for unit YXPM's Bursa listing

NST Thu, Apr 21, 2022 04:02pm - 2 months View Original


XYPM managing director Ng Sheau Chyn said the signing of the agreement came at an opportune time as the company was ready to leverage the increased demand for gold jewellery products.

KUALA LUMPUR: YX Precious Metals Bhd (YXPM) has today penned an underwriting agreement with Public Investment Bank Bhd (PublicInvest) in conjunction with its initial public offering (IPO) on the ACE Market of Bursa Malaysia.

PublicInvest is the principal adviser, sponsor, sole underwriter and sole placement agent for this IPO exercise.

YXPM is currently 100 per cent-owned by Tomei Consolidated Bhd, a company listed on Bursa's Main Market.

XYPM managing director Ng Sheau Chyn said the signing of the agreement came at an opportune time as the company was ready to leverage the increased demand for gold jewellery products.

"By transitioning into a listed entity, we hope to maintain our growth trajectory to take us to the next expansion phase. We plan to utilise the proceeds raised from the IPO to purchase new machinery and equipment as well as upgrade our existing operational facilities to enhance our operational efficiency," he said in a statement today.

The wholesaler and manufacturer specialising in gold jewellery said the IPO entailed the public issue of 111.65 million new shares in YXPM, of which PublicInvest would underwrite 48.38 million shares.

Of the 111.65 million new shares, 18.61 million shares will be made available for application by the Malaysian public via balloting and 11.16 million shares for application by eligible directors and employees of YXPM, directors and employees of Tomei and its subsidiaries, and any other persons who have contributed to the success of YXPM and its subsidiaries.

A total of 18.61 million shares will be made available for application by all entitled shareholders of Tomei, 16.75 million shares by way of private placement to selected investors, and 46.52 million shares by way of private placement to selected Bumiputera investors approved by the Ministry of International Trade and Industry.

XYPM is slated to be listed on by end of June.

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