IGDX to go into gold mining

Datuk Seri Najib Tun Razak touching a crystal ball to mark the official celebration.With him are (from left): Malacca Chief Minister Datuk Seri Mohd Ali Mohd Rustam, IGDX chairman Dr Mohd Yunus Mahmood and Datuk Dr Shamshudeen

Source from The Star, 16 February 2007

By SABRY TAHIR

KUALA LUMPUR: Malaysian-owned gold trading company IGDX Holdings Ltd, which made its debut on the Australian Stock Exchange (ASX) on Feb 9, plans to go downstream into gold mining in Australia and Malaysia.

Chief executive Datuk Dr Shamshudeen Yunus said the company, which may go into it as early as this year, would inject at least A$20mil for the acquisition and operation of mines, including buying special ore separation machinery.

The company planned to buy two mines in Malaysia and “a couple” in Australia, he said.

“We need to raise the funds to do all these. We may have to go for more listings, “he said.

IGDX plans to be listed on the London Stock Exchange and the New York Stock Exchange in three years, Shamshudeen said on Wednesday evening after the official celebration for IGDX’s successful listing on the ASX.

On Feb 9, the company, which is involved in gold trading and refining, became the first Malaysian company to be listed on the ASX metals and mining sector. Shamshudeen is the largest shareholder.

Shamshudeen said IGDX – a listing vehicle formed by gold dinar and ornament trader E-Qirad group – was the world’s first listed company doing physical gold trading.

The company raised A$2mil from the initial public offering of four million A$0.50 shares. The counter closed at A$0.66 on Wednesday, Shamshudeen said.

He said IGDX chalked up RM9mil in pre-tax profit on the back of RM3.2bil in revenue for the year ended June 30, 2006.

“We make our profit from buying scrap gold, turning it into fine-quality gold dinar and ornaments and selling them at prevailing prices,” Shamshudeen said, adding that 8% of the revenue was allocated for the company’s syariah-based profit-sharing programme with the gold dinar owners.

He said IGDX had projected an annual profit growth of 10% to 12%.

Deputy Prime Minister Datuk Seri Najib Tun Razak, who was present at the event, said the Government would firmly support the role played by E-Qirad, especially in new areas of growth under the Ninth Malaysia Plan.

IGDX Holdings planning to go into gold mining

Source from The Star, 15 February 2007

By Sabry Tahir

KUALA LUMPUR: Malaysian-owned gold trading company IGDX Holdings Ltd, which made a satisfactory debut on the Australian Stock Exchange (ASX) on Feb 9, plans to go downstream into gold mining in Australia and Malaysia, earliest by this year.

Chief executive Datuk Dr Shamshudeen Yunus said the company planned to inject at least A$20mil for the purpose of acquisitions and running of mines, including buying special ore separation machinery.

The company plans to buy two mines in Malaysia and "a couple" in Australia, he said.

"We need to raise the fund to do all this. We may have to go for more new listings," he said.

IGDX plans to be listed on the London Stock Exchange and the New York Stock Exchange in three years, Shamshudeen said after the official celebration on Wednesday for IGDX's listing on the ASX.

The company, which is involved in gold trading and refining became the first Malaysian company to be listed on the ASX' metals and mining sector and remained 100%-owned by Malaysian investors with Shamshudeen as the largest shareholder.

Shamshudeen claimed IGDX - a listing vehicle formed by parent company, gold dinar and ornament trader E-Qirad group - is the world's first company to be listed based on gold-for-gold trading on a stock exchange.

The company raised A$2mil from the initial public offering of four million A$0.50 shares. The counter closed at A$0.66 on Feb 14, Shamshudeen said.

He said IGDX chalked RM9mil in pre-tax profit on the back of RM3.2bil in revenue for the year ended June 30 2006.

"We make our profit from buying scrap gold, turning it into fine-quality gold dinar and ornaments and sell them at prevailing prices," Shamshudeen said adding that 8% of the revenue was allocated for the company's shariah-based profit sharing with the gold dinar owners.

With a buying capacity of 200kg to 250kg of gold a week, the company mainly sourced its gold supply from Indonesia.

He said IGDX had projected an annual profit growth of 10% to 12%.

Najib Confident Malaysia's IGDX Can Go For LSE And NYSE Listings

KUALA LUMPUR, Feb 14 (Bernama) -- Deputy Prime Minister Datuk Seri Najib Tun Razak has expressed confidence that Malaysian-owned IGDX Holdings Ltd will be able to go for listings on the London Stock Exchange (LSE) and the New York Stock Exchange (NYSE) in three years.

The company, which is involved in gold trading and refining, was listed on the Australian Stock Exchange (ASX) metals and mining sector on Feb 9 this year.

"I believe the IGDX group of companies will serve as an epitome to other local listed companies to stand on international grounds," he said at a dinner here tonight to celebrate the successful listing.

Thus, he added, the government will firmly support the role played by the IGDX group, especially in new areas of growth under the Ninth Malaysia Plan.

Najib said the private sector is encouraged to participate aggressively in fields that are crucial to the country's long-term future.

"Therefore, let us redefine public-private partnership to provide a more balanced and appropriate sharing," he said.

Meanwhile at a press conference later, IGDX chief executive officer Datuk Dr Shamshudeen Yunus said that if opportunities arise, the company would go for the listings.

This will depend on the company's acquisition strategy, he said, adding that the company is aiming to acquire two mines in Malaysia and a couple in Australia.

IGDX, which trades in physical gold rather than futures, has a significant share in the gold market internationally as well as offices in Malaysia, Hong Kong and Indonesia. Its trading platform allows traders and investors from all over the world to trade and hedge their physical gold.

-- BERNAMA