YX PRECIOUS METALS' IPO PUBLIC PORTION OVERSUBSCRIBED 26.36 TIMES

KUALA LUMPUR, June 14 (Bernama) -- Gold jewellery wholesaler and manufacturer, YX Precious Metals Bhd's (YXPM) public portion of its initial public offering (IPO) has been oversubscribed by 26.36 times.

The company, a subsidiary of the Main Market-listed Tomei Consolidated Bhd, has received a total of 8,105 applications for 509.16 million shares with a value of RM142.57 million from the Malaysian public.

In a press statement, the group said that for the Bumiputera portion, a total of 3,923 applications for 173.55 million shares were received, representing an oversubscription rate of 17.65 times, while for the public portion, a total of 4,182 applications for 335.61 million shares were received, representing an oversubscription rate of 35.07 times.

Meanwhile, a total of 11.16 million shares made available for application by the eligible directors and employees of the YXPM group, directors and employees of Tomei and its subsidiaries as well as any other persons who have contributed to the success of the YXPM group have also been fully subscribed.

Besides, a total of 18.61 million shares made available for application by all entitled shareholders of Tomei have been fully subscribed, as well as the 63.27 million shares made available by way of private placement also have been fully placed out.

Previously, it announced its plan to raise RM31.26 million from the IPO exercise to fund its expansion plans.

The IPO comprises a public issue of 111.65 million new shares, representing 30 per cent of YXPM’s enlarged issued share capital, at an issue price of RM0.28 per share.

“Of the total proceeds, 22.07 per cent or RM6.9 million has been earmarked for the purchase of new machinery and equipment as well as upgrading of operational facilities, while 66.73 per cent or RM20.86 million is allocated towards working capital requirements. The remaining 11.2 per cent or RM3.5 million would be used to defray listing expenses," it said. 

The company is en route to a listing on Bursa Malaysia's ACE Market on June 23. 

-- BERNAMA