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Saturday, 26 December 2015

NICE以股还债 兴业27.8%联昌7.29%晋大股东RHB and CIMB emerges as NICE substantial shareholder with 27.8% and 7.29% stake respectively

July 2005

PowerHouse Asset Management CEO Tan Kok Kheng :

Yikon. It's like your Lion Parkson, but this one's just got a licence, the first given by the Chinese government to have country-wide goldsmith shops.  
They got a national licence, not a provincial one, to set up goldsmith shops all over China  
They have started deploying shops in 2005 in major cities.  
The shops are doing pretty well in in the department stores and stand-alone shops. They are putting their right people there, which is very important.  
Profit margins are better than in the Malaysian market where there is a glut.  
Year to date, this stock has been the second best performing in Malaysia, up 140%. The best is Habib, up 300%. So, I think the news has started to flow in.
Tan Kok Kheng

Dec 2005
PowerHouse Asset Management CEO Tan Kok Kheng :

I still retain Yikon as my top pick. When I introduced the stock, it was RM2.50 a share and now it's RM4.40 after six months. The counter has been ignored. Not much research has been done due to the fact that it's a second board stock.

But look at its business model, which comprises 100% gold exports, and gold has done very well. I think gold will continue to go up from about US$510 an ounce now to my target of US$800 or US$900 in two or three years.

Given Yikon's 100% exports to Hong Kong, can you imagine a Malaysian company exporting gold to Hong Kong, the Middle East, and India and China, and with its franchise of goldsmith shops in China? The potential is great.

They have opened 11 goldsmith shops in China, and are opening a 12th one next month. Of course, its current PE is very high, but I think people are looking at its potential in China. Yikon is the only gold manufacturing company in Malaysia, and is cash rich.

The company has a huge state-of-the-art plant in Penang. If you look at the Singapore company that manufactures gold wafers like them, you can see that Yikon's technology and machines are far more advanced than those of its Singapore counterpart, which is a smaller company.

Yikon buys scrap gold and processes that into pure gold wafers. The gold jewellery you buy is 91.6% pure and Yikon makes pure gold wafers of 99.9% purity.

Dec 2005

Yikon shines on gold price hike

THE price of gold rose to record highs this year on surging demand and shares of Penang-based gold jeweller Yikon Corp Bhd have certainly not missed out on the spectacular run-up. 
The stock was the second board's biggest gainer in 2005, having risen a whopping RM3.60, or 367%, over the last 12 months to yesterday's close of RM4.58 despite lacklustre earnings.  
In its unaudited full-year results ended Oct 31, the company reported a net profit at RM327,000, less than half that of the previous year.

Gold bars of 99.9% purity 
April 2006

Yikon to set up local base

KUALA LUMPUR: After exporting gold jewellery for more than 20 years, manufacturer and overseas retailer Yikon Corp Bhd is finally setting foot in the Malaysian retail market.

The company, which has a chain of jewellery stores in Hong Kong and China, was sourcing for an appropriate location and hoped to open its first Malaysian store by the end of the year, said chairman Datuk Noor Ahmad Mokhtar Haniff. “We have a strong network of clients overseas, especially in the Middle East, but the political turmoil there has proved to be a challenge for Yikon and we have been looking for other ways to sustain the business.”

Noor Ahmad was speaking to reporters yesterday after the company signed a RM500mil contract with fund manager PowerHouse Asset Management Sdn Bhd to produce about seven tonnes of gold wafers over a period of two years.

He said that part of the company's strategy was to look at other markets, and it had identified Malaysia, and even India, as possible countries in which to establish a retail presence.

He also admitted the rising price of gold and oil had adversely affected sales, but did not elaborate.

Under the contract, the fund manager will collect scrap gold and Yikon will process it into pure gold wafers. 
Chairman of Yikon Corp Bhd Datuk Noor Ahmad Mokhtar Haniff holding up a sample of Yikon's gold wafers after signing an agreement with Tan Kok Kheng.

PowerHouse Asset Management chief executive officer Tan Kok Kheng said the wafers would be an investment for its high net worth clients, as part of its new gold-structured product.

“This is the first such gold-structured product in the country, if not the world,” he said.

Tan expected an encouraging take-up rate, and believed all RM500mil of wafers would be fully taken up in a year, after which PowerHouse hoped to sign another RM500mil manufacturing agreement with Yikon. Talks on this deal had already begun, he added.

Prior to the agreement, RM6mil worth of wafers have already been taken up. Interested parties from overseas, several institutions and Government bodies have also expressed interest in it.

Tan said that part of the appeal of the new product was that it offered 10% net return on investment in the first six months alone. PowerHouse Asset Management also plans to eventually export the product.

“We are also looking at silver-structured products and we feel that although the silver price is lagging a little, it still has potential for good returns,” he said. “We have already begun talks with a supplier in Singapore and we are likely to introduce a new product at the end of 2006.”

7 November 2007

SC files RM1.93 million restitution suit against Powerhouse Asset Management and its executive director

The Securities Commission (SC) has filed a civil suit against Powerhouse Asset Management Sdn Bhd (Powerhouse) and its executive director cum shareholder, Tan Kok Kheng, a Singaporean, to compel them to restitute RM1.93 million to 75 investors.

At the time of the transgression, Powerhouse and Tan Kok Kheng were licensed as a fund manager and a fund manager’s representative respectively which allowed them to carry out fund management activities relating to securities only.

Powerhouse, through Tan Kok Kheng, had ventured into an investment scheme involving gold structured products in early 2006 without SC’s prior approval, which was in contravention of the licensing conditions. The investment scheme, which was not approved by the SC, promised a nett return of 10% on investors’ initial investment over a period of six months. With the investments, Powerhouse purchased and purified scrap gold into pure gold wafers which were sold at a premium in the gold market.

The fund management company had engaged unlicensed individuals to solicit and receive funds on its behalf for the unapproved scheme, which amounted to
RM12.8 million. In the course of soliciting investments for the scheme, Powerhouse had also breached the licensing conditions when it disseminated advertisements and promotional brochures to the public without the SC’s prior approval.

Following its findings, the SC had, amongst others, directed Powerhouse to cease all investment activities and restrained the company from dealing with the investors’ monies by transferring all the monies from Powerhouse’s bank accounts to a trust company appointed by the SC. In September 2007, the SC appointed United Overseas Bank ( Malaysia) Bhd and UOB Trustee ( Malaysia) Bhd as trustees to carry out the distribution of gold wafers and monies to Powerhouse’s investors.

To date, the trustees have completed the process of returning the monies to Powerhouse’s investors leaving a shortfall of RM1,925,539.10. In the suit filed on 5 November 2007, the SC sought to compel Powerhouse and Tan Kok Kheng to pay the said shortfall to the SC to enable the SC to complete the restitution process to Powerhouse investors.

This latest civil enforcement action is in line with the SC’s efforts achieve a more effective and holistic outcome in the interest of investors, whilst continuing to use its criminal powers in appropriate cases.

Kuala Lumpur, 15 October 2008SC completes restitution to Powerhouse investors
The Securities Commission (SC) has successfully completed its efforts to restitute investors of Powerhouse Asset Management Sdn Bhd (Powerhouse). The restitution was made possible following the SC’s civil suit in November 2007 against Powerhouse and its Singaporean executive director and shareholder Tan Kok Kheng. The conclusion of the suit saw the SC entering into a consent judgment with the defendants, resulting in the defendants making full and final settlement of the judgment sum.
The SC filed the civil suit after Powerhouse was found to have breached a condition of its licence when it ventured into an unapproved investment scheme involving gold structured products. Following SC’s investigation, gold wafers worth approximately RM2.51 million and a total of RM10 million cash were restituted to 75 investors.The resolution of this matter is another example of the SC’s commitment to protecting investors and upholding public confidence in the capital market.

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