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
PowerHouse Asset Management CEO Tan Kok Kheng :
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Tan Kok Kheng
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Dec 2005
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.
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
Gold bars of 99.9% purity
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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.
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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.
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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
http://www.sc.com.my/post_archive/sc-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.
SECURITIES COMMISSION
http://web10.bernama.com/finance/news.php?id=364762&vo=16
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.
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
http://www.sc.com.my/post_archive/sc-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.
SECURITIES COMMISSION
http://web10.bernama.com/finance/news.php?id=364762&vo=16
益安集团 1050万脱售产业
2009-05-07
（吉隆坡6日讯）益安集团（Yikon，7139，二板消费产品股）建议以现金1050万令吉，将一座坐落在槟城的建筑物，脱售予北部经济走廊执行当局。
益安集团发表文告指出，益安集团是通过其独资子公司－益安珠宝工业私人有限公司，进行上述计划。
该公司表示，该脱售计划是为了配合该公司释放资产价值的宗旨，并确保该公司在脱售了有关产业后，可获得一笔现金来偿还银行贷款，以及充当该公司的营运资本。
益安集团净利8万
2011-05-07
（吉隆坡6日讯）截至今年3月31日，益安集团（Yikon，7139，主板消费产品）净利达8万9000令吉，营业额则报557万令吉。
公司从去年1月1日至今年3月31日，累计15月的净利报588万1000令吉，2009年1月1日至2009年12月31日则蒙受722万8000令吉亏损。
累计15月的营业额，报2348万4000令吉，较2009全年的1454万8000令吉，增长61.42%。
益安集团5月16日易名
2011-05-12
（吉隆坡12日讯）益安集团（Yikon，7139，主板消费产品）宣布，将在下周一正式易名。
马交所今通过文告宣布，益安集团将在本月16日开始，正式易名为“Niche Capital Emas控股”，股名则从“Yikon”改至“Nice”，不过，股票编号维持不变。
NICE 遭追讨123万公司担保债务
2012-08-07
虽然面对不利消息的冲击，不过NICE今日的股价没有出现太大的波动。
闭市时，NICE全日起1.5仙或9.375%，收报17.5仙，成交量为6万股。
NICE向马交所报备，已在2010年完全脱售的前独资子公司———Yikon JewelleryIndustry私人有限公司（简称YJI），因为无法偿还银行贷款，所以做为该贷款担保人的NICE，便在今日遭到吉隆坡高庭发出传票，追究相关法律责任。
根据文告，NICE与YJI目前正评估补救方桉，并跟相关债主进行协商，来偿还截至2012年5月15日，加上利息和成本等的总额122万8735令吉。
NICE表示，上述债务责任并不会影响该公司业务和营运，因为YJI已经不再是相关的子公司。而且董事部也指出，该公司具备偿还能力，并将在未来8个月内跟相关债主和YJI，洽谈和解协议。
NICE 附加股超购96 .10%
2012-08-09
公司在文告指出，之前以2配3发行附加股，每认购4附加股，也可附送3凭单。
这项活动公司接获热烈的反应，申请认购1亿3882万9198附加股，附送1亿412万1899凭单，相等于96.10%的超额认购。
凭单专栏：股权变动大热 NICE-WA 投机味浓
2012-09-24
虽然受到前独资子公司的债务违约，拖累做为公司担保人的NICE（NICE，7139，主板消费产品股）的负面消息影响，该公司股价却在新股东崛起当际大热。该公司母股和凭单，在上周五分别以13仙和5仙结束交易。
NICE的前身是益安集团（YIKON）。
该公司刚刚完成附加股兼凭单计划，虽然上述融资计划未获得良好认购率，大量的超额认购使得该计划顺利完成。
在脱售马来西亚的益安珠宝工业后，NICE目前的业务仅剩下通过香港子公司进行的中国珠宝销售生意。
NICE在今年6月结束的季度，蒙受20多万令吉的亏损。公司每股净资产在附加股完成后，从26仙被冲淡到18仙。此外，该公司的财政年截止日期，也从6月转换到12月结束。
NICE在上周公布两位新大股东。他们分别是The Cheng Eng和Pang Sar。上述人士是打桩工程建筑商ECONPILE（M）SDN.BHD.的股东。
股价波动大
NICE的股价在附加股7月中除权后，处于11.5仙至22.5仙波动，而NICE-WA在8月中上市后的波幅，介于4.5仙到7.5仙，这显示该公司的股价波动极大。
以NICE-WA目前价位来计算，它的引伸波幅比母股短期历史波幅低很多，这显示该凭单理论上被低估。若NICE母股价继续波动，NICE-WA的投机价值是不错的。
NICE 私配活动取消
2013-08-20
现金加发股还债 NICE私配筹1044万
2014-07-02
（吉隆坡1日讯）NICE（NICE，7139，主板消费产品股）进行两项企业活动，偿还债务及私下配股，以重振公司业务。
NICE宣布与债权人签署协议，偿还前独资子公司Yikon珠宝工业欠下的1659万3232令吉债务。
在这项协议下，NICE将分别偿还101万4000令吉现金，并以发行1亿1513万股新股给债权人。
根据文告，公司希望能够通过这项活动偿还债务及脱离PN1行列，以便能够关注于未来扩展计划。
此外，NICE表示，将以每股15仙私下配售高达6963万9000股新股，或相等于近30%缴足资本。
公司预计从该活动筹集1044万5850令吉，用于购买商品，让核心业务珠宝零售能进一步提高销售及盈利表现。
NICE 更换财政年
2014-12-13
下一次公布的财报，将从今年1月1日起至明年6月30日，长达18个月。
RHB emerges as substantial shareholder in Niche Capital Emas with 27.8% stake
Published at 2015-01-14 19:36:24 by The Edge
KUALA LUMPUR (Jan 14): Niche Capital Emas Holdings Bhd announced that RHB Bank Bhd has emerged as a substantial shareholder in the company with 64.8 million shares or 27.8% stake in the gold jewelry and ornaments manufacturer. In filing with Bursa Malaysia this evening, Niche (fundamental score 0.75; valuation score 0.30) said the emergence of RHB rose from a debt settlement scheme. To recap, Niche fell into a Practice Note 1 (PN1) status after its former subsidiary Yikon Jewellery Industry Sdn Bhd defaulted on the repayment of its loans to AmBank (M) Bhd, United Overseas Bank Malaysia Bhd (UOB), RHB Bank Bhd and CIMB Bank Bhd. The total outstanding amount was RM16.59 million or more than 5% of its net assets. Yikon Jewellery said it did not have sufficient funds to make the scheduled instalment. Niche was the loan's guarantor. Subsequently, Niche settled part of the debt with RM1.01 million cash and an issuance of 115.13 million shares at 10 sen apiece, for a total RM115.13 million, which represents 49.39% of its enlarged issued and paid-up capital.
Of the total shares issued, 9.13 million shares were allocated to AmBank, 17 million shares to CIMB, 64.8 million shares to RHB and 24.2 million shares to UOB.
It has also a proposed private placement of up to 69.64 million shares, representing a 30% stake in the company, at 15 sen apiece, to raise up to RM10.45 million. As at Sept 30, 2014, Niche's cash and cash equivalent only stood at RM616,000, with total borrowings at RM277,000.
It has been loss-making since financial year ended Dec 31, 2012 (FY12). In FY13, its net loss widened to RM9.45 million from RM2.28 million a year ago. However, it returned to the black in the cumulative nine months ended Sept 30, 2014 (9MFY14), after posting a net profit of RM4.66 million against a net loss of RM2.13 million previously, mainly due to the gain of RM6.78 million that resulted from the revision of its liabilities provision. Revenue in 9MFY14, however, plunged by 45% to RM16.95 million from RM30.81 million in the same period a year ago, on dismal demand in China's gold market. It has since reduced its branch in China to 10 from 13, blaming excessive competition and fluctuations in foreign exchange for the scale back. It plans to expand its operations in Malaysia to trade gold nugget and gold powder by reviving its dormant company Niche Express Gold Sdn Bhd. Shares in Niche was untraded today. It closed at 13.5 sen with a market capitalisation of RM31.47 million. (Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
NICE以股还债 兴业27.8%晋大股东
2015-01-15
文告显示，兴业银行在去年12月23日，收到NICE发出的6480万股或27.8%股权，作为欠债偿还。
前身为益安集团（Yikon）的NICE在去年中，为了脱离PN1行列，进行了一连串企业活动，包括私下配售和偿还子公司Yikon珠宝工业所欠下的债务。
NICE核心业务，为珠宝零售。
Niche Capital Emas sees 5.19% stake cross off-market
Published at 2015-04-21 20:54:39 by The Edge
KUALA LUMPUR (April 21): Niche Capital Emas Holdings Bhd, which is in the business of manufacturing, distribution and retail of gold jewelry and ornament, saw some 12.1 million shares or 5.19% equity stake crossed off-market today .
According to Bloomberg data, the chunk of shares in Niche Capital (fundamental: 0.75; valuation: 0) were transacted at 10.5 sen per share or RM1.27 million in total.
However, parties involved in the transaction are not known at the press time.
Major shareholders of the Practice Note 1 (PN1) company include Julian Foo Kuah Lin with a direct interest of 31.71%, RHB Bank Bhd with 27.8% direct interest, Pang Ling with 8.84% stake, CIMB Bank Bhd with 7.29% stake and United Overseas Bank (M) Bhd with 5.19% stake, according to Bursa Malaysia.
To recap, Niche fell into PN1 status after its former subsidiary Yikon Jewellery Industry Sdn Bhd defaulted on the repayment of its loans to AmBank (M) Bhd, United Overseas Bank Malaysia Bhd (UOB), RHB Bank Bhd and CIMB Bank Bhd.
The total outstanding amount was RM16.59 million or more than 5% of its net assets. Yikon Jewellery said it did not have sufficient funds to make the scheduled instalment. Niche was the loan's guarantor.
Subsequently, Niche settled part of the debt with RM1.01 million cash and an issuance of 115.13 million shares at 10 sen apiece for a total RM115.13 million, which represents 49.39% of its enlarged issued and paid-up capital.
Last Wednesday (April 15), some 12.1 milllion shares or a 5.19% stake in the company had crossed off-market at 10.5 sen apiece, for a total of RM1.27 million.
Niche Capital closed 0.5 sen or 2.17% lower at 22.5 sen today, with 8.79 million shares traded, for a market capitalisation of RM60.46 million.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
获7.29%股权抵债 联昌晋NICE 大股东
文告显示，联昌国际银行在1月9日收到NICE发出的股票，用作偿还公司债务。
NICE出现新大股东
2015-03-04
上周四，彭玲收购公司1210万股或5.19%股权后，共持有2060万股或8.84%股权。
NICE的主要业务是制造多元化金器。
NICE新大股东崛起
根据文告，符关林是在今日买入3240万股，相等于13.9%，将持股权提高至3696万5000股，或15.86%，但未透露收购价位。
违反CMSA条例 NICE遭证监会申诫
根据文告，NICE是在周三（2日）接获信函，指违反CMSA条例，因没有符合财务报告准则“FRS139”和“MFRS137”。
证监会发现，该公司在2011和2012财年都没有履行义务，为子公司Yikon珠宝工业私人有限公司的银行贷款提供企业担保。
同时，将一笔1151万3000令吉归纳为2013财年的“其他应收账款”下的资产，不符合MFRS137的准则。
因此，证监会决定申诫NICE，并要求公司修正及重新交上2013年度的财务报表和当年所有的季度业绩报告。
证监会也要求该公司作出宣布，解释修正的原因和影响。
NICE必须在收到信函后的1个月内，完成上述要求。
19 Sept 2015
Incorrect accounts are the board’s problem
The latest name on that short list is Niche Capital Emas Holdings Bhd (NICE), formerly known as Yikon Corp Bhd. Last week, the company announced that the SC had imposed sanctions because NICE had not measured its obligations under corporate guarantees on a former subsidiary’s bank borrowings. This is a departure from the FRS 139, the accounting standard that covers the recognition and measurement of financial instruments. This offence relates to NICE’s audited financial statements for 2011 and 2012.
In addition, the company had recognised RM11.5mil as an asset under the “Other Receivables” item in the 2013 accounts although this isn’t in accordance with MFRS 137, which spells out the accounting treatment for provisions, contingent liabilities and contingent assets.
The Sept 4 announcement to Bursa says the SC sanctions against NICE include a reprimand, and a directive to rectify and reissue the 2013 audited financial statement and all quarterly results that came out subsequent to the issuance of the original 2013 audited accounts.
NICE, which manufactures and sells gold jewellery and ornaments, is also required to make a detailed announcement to Bursa to explain the reasons and effects, financial or otherwise, of the rectification.
The company says its board will deliberate on the SC action and will issue further updates in due course. To date, there has been no new announcement on the matter.
The disclosure by NICE is not the entire story. In fact, the SC has also acted against seven individuals who were directors when the respective accounts were issued. They were each reprimanded and fined between RM20,000 and RM75,000.
The administrative actions against these directors are lightweight when compared with the sentences handed out to those convicted for accounting fraud. Nevertheless, there should be more publicity on such reprimands and fines so that people (including those who prepare financial statements) are reminded of the importance of accounting standards, and so that directors are ever conscious of the fact that they are held responsible for the companies’ audited accounts.
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