KUALA LUMPUR, Jan 7 -- Ace Innovate Asia Bhd (AIAB) made its debut on Bursa Malaysia’s Leading Entrepreneur Accelerator Platform Market (LEAP) today at 27 sen, a premium of one sen above its issue price of 26 sen.
Principally involved in the gold bullion trading industry, AIAB is the second company to be listed on Bursa Malaysia this year.
The company managed to raise RM10.14 million from the placement of 39.0 million new shares, which represented 13 per cent of the company’s enlarged share capital.
About 500 shares were transacted at the opening bell.
Executive director / chief executive officer Go Yoong Chang said the proceeds will be utilised for its business and operational expansion, as well as its working capital.
“This exercise will enhance the stature of our group, increase market awareness of our products and services as well as expand our customer base,” he said in a press conference after the listing ceremony here, today.
Asked about the gold market’s prospects, he said the fluctuations in gold prices would attract buyers’ attention.
“When there is fluctuation, people will tend to buy and sell more and this means business to us,” he said.
Commenting on the lack of activities on the local Bursa gold derivatives market, he said the cash-settlement method of trading usually drives investors away.
As a cash-settled contract, no delivery of physical gold is required. Instead, the gold contract will be settled on expiry using the cash equivalent of the amount of gold purchased
“I think the gold contracts should include physical delivery in addition to cash-settled when the investors need it.
“I believe Bursa Malaysia is currently looking at the matter to make it (the market) more vibrant than it is now,” he said.
Go said this year promises to be interesting due to the upcoming United States Presidential election.
“When it gets closer to the election period, gold prices will tend to move quite a bit, but it’s hard to say (how it would move) as it will depend on the market sentiment.
“If the sentiment is good and the economic outlook looks bright, gold prices will come down and vice versa,” he added.
-- BERNAMA
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