Thursday 28 Mar 2024
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KUALA LUMPUR (July 1): LEAP-market bound Ace Innovate Asia Bhd is looking to raise RM10.14 million, which it plans to use for expansion of its gold bar business.

The company is principally an investment holding company, with subsidiaries involved in gold bullion trading.

For 2018, the group made a revenue of RM1.09 billion, a 93% increase from RM565.47 million in the previous year.

In a proposed listing prospectus issued on Bursa today, the group said it will be issuing 39 million new shares for the proposed placement, at an indicative price of 26 sen, representing 13% of the enlarged issued share capital of RM23.19 million.

It said the price fixing date for the placement shares is expected to be in early August, with listing on the LEAP market in mid-September.

Following the listing, the group will have a market capitalisation of RM78 million.

For fresh capital raised, it intends to allocate RM8.96 million for working capital requirements, in particular to purchase scrap gold bars, cast gold bars and minted gold bars.

Another RM20,000 will be set aside for the renovation of the group’s office in Subang Jaya. The rest of the proceeds will be used to defray the estimated listing expenses, as well as to increase marketing efforts, it said.

TA Securities is the approved adviser, placement agent and continuing adviser. 

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