Public Gold becomes first Malaysian firm to acquire gold bars from Kyrgyzaltyn
PUBLIC Gold Marketing Sdn Bhd has inked a landmark deal with Kyrgyzaltyn, the Kyrgyz Republic's largest domestic gold enterprise, becoming the first Malaysian private company to acquire gold bars from the Central Asian country.
The agreement was signed by Public Gold founder and executive chairman Datuk Wira Louis Ng and Kyrgyzaltyn board chairman Kubat Abdraimov at a ceremony held at the Grand Hyatt Kuala Lumpur.
The partnership marks a significant breakthrough in the highly regulated Kyrgyz gold sector. Kyrgyzaltyn, which is wholly owned by the State Agency for State Property Management and the Ministry of Finance of the Kyrgyz Republic, manages and refines most of the country's gold assets and is responsible for 80% of the nation's gold production.
'This milestone is a testament to our leadership in the gold industry and the confidence placed in us by Kyrgyzstan's key institutions. We are fully committed to maintaining the highest standards of integrity and excellence that have made this meaningful partnership a reality,' said Ng.
Founded in 1992 as a state concern and later corporatised into a joint-stock company, Kyrgyzaltyn also operates a gold refinery that has been accredited with London Bullion Market Association (LBMA) Good Delivery status since 1999.
Despite the Kyrgyz Republic's stringent controls over gold exports, Public Gold secured the deal after undergoing a rigorous due diligence process and presenting a transparent business proposal that aligned with Kyrgyzaltyn's international partnership standards.
The deal also reflects a strategic shift by Kyrgyz authorities to broaden their global footprint through partnerships with trusted global players.
Under the agreement, Public Gold will acquire a total of 300 kilograms of 999.9 purity gold bars from Kyrgyzaltyn by the end of 2025.
The first tranche – 50 kilograms – was completed in May, with the bars to be marketed to international buyers.
The company said this collaboration offers investors in Southeast Asia and beyond access to government-approved, premium-grade Kyrgyz gold bars – at a time when global demand for gold is surging amid inflationary pressures and geopolitical uncertainties.
Public Gold is a leading precious metals trading company operating across Malaysia and Indonesia, serving both retail investors and institutional clients. — TMR
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
2 hours ago
- The Star
Destini secures two agreements to overhaul electric train components from SMH Rail
KUALA LUMPUR: Destini Bhd 's indirect subsidiary, Trovon Malaysia Sdn Bhd, entered into two agreements to undertake overhaul works on electric train components of 58 train sets operating on the Mass Rapid Transit (MRT) Line 1 (Sungai Buloh-Kajang Line). In a Bursa Malaysia filing today, Destini said that Trovon Malaysia entered into two sub-contractor for the supply of parts agreements with SMH Rail Sdn Bhd on June 3, 2025. It said the company would undertake the overhaul of heating, ventilation and air conditioning (HVAC) and brake caliper equipment fitted to 58 Inspiro platform electric train sets. The contract amount was not disclosed in the filing. The works are scheduled to run over a 20-month period from June 2025 to January 2027. Destini said the agreements mark a significant expansion of Trovon's role in the regional railway maintenance and component overhaul sector. "Trovon has secured two concurrent scopes with SMH Rail, which cover HVAC and brake caliper overhauls for the MRT Line 1 (Sungai Buloh-Kajang Line), reflecting SMH's confidence in Trovon's ability to deliver rolling stock component reconditioning and upgrades. "This engagement strengthens Trovon's position as a technically capable and locally embedded subsystem maintainer,' it said. Destini noted that the project aligned with the Malaysian Rail Supporting Industry Roadmap 2030, which encourages greater local content and reduced dependency on foreign original equipment manufacturers. "By executing this scope locally with Malaysian engineering and project management capabilities, Trovon contributes meaningfully to the national objective of creating a sustainable and self-reliant rail industry ecosystem,' the company added. Destini stated that the agreements are expected to contribute positively to the company's earnings for the financial year ending June 30, 2025, and throughout the duration of the project. - Bernama
The Sun
3 hours ago
- The Sun
Kyrgyz President explores investment opportunities with Malaysian firms
KUALA LUMPUR: Kyrgyz Republic President Sadyr Zhaparov met with representatives of Malaysian companies today to explore business and investment opportunities between the two nations. The session, lasting over an hour, included the exchange of four agreements covering sectors such as mining and livestock. The meeting was attended by Deputy Minister of Investment, Trade and Industry Liew Chin Tong and Deputy Minister of Works Datuk Seri Ahmad Maslan, representing Minister Datuk Seri Alexander Nanta Linggi. Government agencies present included the Malaysian Investment Development Authority (MIDA), Matrade, the Halal Development Council (HDC), and the Malaysia-Kyrgyz Business Council. Key Malaysian companies participating included Citaglobal Bhd, Public Gold, Avia Dinamika Sdn Bhd, Platinum Greenhaven (M) Sdn Bhd, and Kawan Food Bhd. Zhaparov, on a two-day official visit to Malaysia, was earlier given an official welcome at the Perdana Putra Complex before holding bilateral talks with Prime Minister Datuk Seri Anwar Ibrahim. He also visited the Malaysian Parliament, meeting with Dewan Rakyat Speaker Tan Sri Johari Abdul and Senate Speaker Datuk Awang Bemee Awang Ali Basah. In 2024, the Kyrgyz Republic was Malaysia's fourth-largest trading partner in Central Asia, with bilateral trade valued at RM40 million (US$8.74 million). Malaysia's main exports included electrical and electronic products, palm oil, and machinery.
The Sun
3 hours ago
- The Sun
Malaysia can be Kyrgyz Republic's gateway to ASEAN
KUALA LUMPUR: Malaysia, which is currently the sixth largest exporter of semiconductors globally, can be Kyrgyz Republic's gateway to ASEAN, said Deputy Investment, Trade and Industry Minister Liew Chin Tong. In return, Malaysia can tap on the strength of the republic as its entry point to Central Asia's region, he said. Kyrgyz Republic, which is a landlocked nation, borders Kazakhstan, China, Tajikistan and Uzbekistan. The nation was Malaysia's fourth-largest trading partner among Central Asian countries last year, with total bilateral trade valued at US$8.74 million (RM40 million). 'Malaysia used to portray itself as a trading nation but Malaysia is in many ways a sophisticated middle technology nation, including being the sixth largest exporter of semiconductors globally. 'Malaysia and Krygyz Republic are both non-aligned in geopolitics. Such middle ground positioning is hugely important as the world transitions from a unipolar world into a multipolar one,' he said during a meeting between the republic's President Sadyr Zhaparov with Malaysian business communities. Liew also emphasised Malaysia's commitment to build stronger bonds of friendship and cooperation with Kyrgyz Republic. 'With the valuable support of Kyrgyz's leadership, Malaysia is confident that we can explore and reap many opportunities together for a brighter and more prosperous future for our people,' he said. Zhaparov today attended a meeting with representatives of Malaysian companies to explore business cooperation and investment opportunities between the two countries. The meeting, which lasted for over an hour, also witnessed four document exchange ceremonies between Malaysian companies and the republic, involving sectors such as mining and livestock. The president, who arrived in Malaysia yesterday for a two-day official visit, was given an official welcome at the Perdana Putra Complex today, followed by a bilateral meeting with Prime Minister Datuk Seri Anwar Ibrahim. Zhaparov also spent nearly an hour visiting the Malaysian Parliament. He departed for home today after wrapping up a two-day official visit to Malaysia.
