13 hours ago
- Business
- Malaysian Reserve
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
