KUALA LUMPUR (Jan 7): Tomei Consolidated Bhd is mulling over the listing of its design and manufacturing of jewellery arm through a special purpose vehicle (SPV) on the ACE Market.
In a bourse filing, Tomei said that it is planning to list YXG Group, which will house four wholly-owned subsidiaries — Yi Xing Goldsmith Sdn Bhd, Gemas Precious Metals Industries Sdn Bhd, Emas Assayer Sdn Bhd and GPM Refinery Sdn Bhd. However, the company did not reveal any timeline of the listing plan.
“The board wishes to highlight that the details of the proposed listing have yet to be determined at this juncture as the proposed listing is still being considered preliminarily, whereby preparatory work is required. Further, such preparatory work is extensive and may take an uncertain period of time,” it said.
The proposed listing is subject to approvals from the relevant authorities as well as shareholders’ approval, it added.
“As such, it is pertinent for shareholders to note that the proposed listing may or may not materialise as there is no assurance that such approvals would be granted or that the proposed listing will proceed,” Tomei highlighted.
According to its annual report for the financial year ended Dec 31, 2019 (FY19), Yi Xing Goldsmith is involved in the design and manufacturing of jewellery. Gemas Precious Metals also designs and manufactures jewellery, including gold and silver chains and refining of gold and jewellery. Emas Assayer is a dormant subsidiary.
Shares in Tomei finished 7.85% or 7.5 sen lower at 88 sen, translating into a market value of RM121.97 million. It saw 2.43 million shares done.
Source: The Edge