West Perth-based Global Gold Holdings Ltd has performed strongly in its debut on the Australian Securities Exchange, closing up 35 per cent on its offer price.
Global Gold, which issued 10 million shares at 20 cents reach to raise $2 million in its initial public offer, finished the day at a high of 27 cents.
The company operates a gold trading business in Malaysia in which scrap or second hand gold jewellery is bought, reprocessed into hallmark gold of a specific purity and then on-sold to jewellery manufacturers.
Global Gold aims to expand its current operations and review other investment opportunities in the gold or other mineral industries. It already owns a 7 per cent stake in Malaysian jewellery company Yikon Jewellrey Industry Sdn Bhd.
The offer was not underwritten and oversubscriptions were not accepted.
The company is chaired by former Malaysian diplomat Tunku Naquiyuddin. He is joined on the board by Giap Ch'ng Ooi, Heino Hofferberth and Gregory Watson. Anthony Ho will serve as company secretary.
Global Gold retained Ernst & Young as auditor and investigating accountant, while Steinepreis Paganin provided legal advice to their offer..
