PETALING JAYA: Tomei Consolidated Bhd has brought in a unit of pawnbroking operator Ta Yoong Sdn Bhd as a 45% partner in its pawnbroking venture, with the latter injecting RM12.2 million and contributing its industry expertise and operational capabilities to help expand the business.
TY Net Sdn Bhd will subscribe for 12.195 million new shares in JP United Sdn Bhd (JPU) at RM1 each, while Tomei’s wholly owned subsidiary, Tomei Services Sdn Bhd, will retain a 55% stake in the company.
Under the joint venture, the parties will combine Tomei’s financial and strategic capabilities with Ta Yoong Group’s experience in pawnbroking. The future operations will also tap the group’s management services, “Pawnzon” trademark and pawnbroking software.
Tomei said the partnership would allow the parties to leverage their respective expertise, business networks and financial resources to expand the pawnbroking business.
According to a filing with Bursa Malaysia, the transaction is not expected to materially affect Tomei’s earnings for the financial year ending Dec 31, 2026, but is expected to contribute positively to its future earnings and consolidated net assets.
