KUALA LUMPUR: Tomei Consolidated Bhd’s fully owned subsidiary YX Precious Metals Bhd (YXPM) has inked an underwriting agreement with Public Investment Bank Bhd (PIVB) for its initial public offering (IPO) on the ACE Market of Bursa Malaysia.

       In a filing with Bursa Malaysia, Tomei said the IPO exercise entails the public issue of 111.65 million new ordinary shares in YXPM, of which PIVB has agreed to underwrite 48.38 million shares.

       YXPM managing director Ng Sheau Chyn said the signing of the agreement came at an opportune time as the group is ready to leverage on the increased demand for gold jewellery products.

       “By transitioning into a listed entity, we hope to maintain our growth trajectory to take us to the next expansion phase,” she added.