KUALA LUMPUR (April 19): YX Precious Metals Bhd, a 70%-owned subsidiary of Tomei Consolidated Bhd, has proposed to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia as it has met the profit requirements for the transfer.
In a bourse filing, the gold jewellery wholesaler and manufacturer said it has also satisfied the Securities Commission Malaysia (SC) and Main Market listing requirements on financial position, public shareholding spread and Bumiputera equity.
YX, which was listed on the ACE Market in June 2022, recorded a net profit of RM9.01 million for the financial year ended Dec 31, 2023 (FY2023) on the back of RM239.8 million revenue. This meets SC’s requirements, which mandates an aggregate profit after tax (PAT) of at least RM20 million over the past three financial years, with a PAT of at least RM6 million for the most recent financial year.
The group believes it will remain in a healthy financial position, which includes having sufficient working capital for at least 12 months from the transfer date and positive cash flow from operating activities based on the audited financial statements.
As at end-December 2023, YX’s current assets stood at RM104.26 million, while its current liabilities totalled RM3.26 million. The group had cash and bank balances of RM18.34 million, unutilised banking facilities of up to RM25 million and borrowings of about RM230,000.
On its public shareholding spread, YX said 25.97% of its total number of issued shares was held by 1,706 public shareholders, holding not fewer than 100 shares each, which is over the requirement of 25%.
Moreover, the group has also complied with the Bumiputera equity requirement for public-listed companies when it was first listed on the ACE Market in June.
The transfer exercise, which is expected to be completed in the third quarter of 2024, will enhance the YX’s credibility and reputation, as well as its greater recognition and acceptance among investors.
YX shares finished unchanged at 28 sen on Friday, giving the group a market capitalisation of RM104.2 million.