KUALA LUMPUR (July 17): ACE Innovate Asia Bhd’s shares will be traded under its new name of Go Innovate Asia Bhd, effective Thursday (July 20).

The counter’s new short name will be “Goinno”, replacing the old stock short name “Aceinno”, the company said in a filing with Bursa Malaysia on Monday.

The LEAP Market company is an investment holding company with its subsidiaries involved in the trading of physical gold products such as scrap gold bars, cast gold bars and minted gold bars.

It previously announced that the change of name is in line with its long-term aspiration "to address the issue of accessibility of gold trading platform to all investors that has been long plaguing the industry".

ACE Innovate shareholders voted for the name change at its annual general meeting on June 13.

For the year ended Dec 31, 2022, Ace Innovate’s net profit fell 10.53% to RM136,000 from RM152,000 in the previous year due to lower revenue.

Revenue dropped 21.66% to RM1.24 billion from RM1.59 billion on lower trading volume of cast gold bars and scrap gold bars due to lower demand for gold traded via the company's gold trading platform.

Shares of ACE Innovate closed unchanged at 35 sen on Monday, valuing the company at RM105 million.