Tomei’s precious metals biz gets Bursa’s green light for ACE Market listing

Tomei’s precious metals biz gets Bursa’s green light for ACE Market listing
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KUALA LUMPUR (Jan 13): Jeweller Tomei Consolidated Bhd has obtained the approval of Bursa Malaysia Securities to proceed with the proposed ACE Market listing of its precious metals unit, YX Precious Metals Bhd (YXPM).

Tomei had in August 2021, proposed the listing of four wholly-owned subsidiaries — namely Yi Xing Goldsmith Sdn Bhd, Gemas Precious Metals Industries Sdn Bhd, Emas Assayer Sdn Bhd and GPM Refinery Sdn Bhd — via the special purpose vehicle, YXPM, which was incorporated on Jan 11 that year for the exercise.

The four companies are involved in the precious metals business, in particular the wholesale, design and manufacturing, assaying services and refining services.

In a bourse filing on Thursday (Jan 13), Tomei said Bursa Securities had, vide its letter dated Jan 13, 2022, resolved to approve the admission of YXPM onto the official List of Bursa Securities and the listing of and quotation for its entire enlarged issued share capital on the ACE Market of Bursa Securities, comprising 372.15 million YXPM shares.

The approval is subject to the appointment of one additional independent non-executive director and that the composition of the audit committee is solely represented by independent directors prior to the issuance of the prospectus, it added.

Upon completion of the proposed listing exercise, Tomei’s equity interest in YXPM will be diluted to 70%, from its existing equity interest of 100%, according to its filing on Aug 18, 2021.

Tomei plans to use proceeds from the IPO for the purchase of new machinery and equipment, for operational expansions, and to supplement YXPM’s working capital.

Tomei’s shares price closed up one sen or 1.1% to close at 91.5 sen on Thursday, for a market capitalisation of RM127 million.

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Tomei proposes ACE Market listing for its precious metals biz via SPV

Tan Choe Choe