KUALA LUMPUR, 5 June 2026 – Crewstone International Sdn Bhd (Crewstone), a licensed and regulated private equity and private credit manager, has made an initial RM12 million investment into MG Gold and Bullions (MG Gold) as part of a broader RM50 million growth plan that goes beyond capital alone, combining funding with a clearer operating roadmap, stronger commercial discipline and the institutional build-out required to support a targeted five-year path towards an IPO.
Crewstone’s investment also reflects a constructive view on gold as an asset class at a time when macroeconomic uncertainty, inflation sensitivity and reserve diversification continue to support demand for the metal globally. In 2025, total gold demand reached record levels of more than 5,000 tonnes, the gold price recorded 53 all-time highs, and the annual average price rose to US$3,431 per ounce, up 44% year-on-year.
Against that backdrop, Crewstone sees the stronger opportunities not in passive commodity exposure alone, but in backing operators that can convert that tailwind into repeatable commercial returns through disciplined execution across merchandising, distribution and inventory turnover.
Beginning its business journey in 2017 and shaped by family ownership, MG Gold has grown to become a differentiated gold retail and trading platform with more than 100 Business-to-Business (B2B) customers, operating across 2 commercial hubs with 40 designers and staff. In 2025, the business generated approximately RM115 million in revenue across Malaysia and Singapore, comprising RM85 million from Malaysia and RM30 million from Singapore. In Malaysia, revenue was driven by approximately RM60 million from wholesale and trade sales, with the remaining RM25 million coming from retail.
The company expects total revenue across Malaysia and Singapore to grow to RM165 million in 2026, representing a projected year-on-year growth of 43%, driven by its proven Singapore operations, wholesale expansion, retail growth and the planned launch of its digital initiatives.
Underpinning that commercial momentum is a product platform shaped over time through family ownership, accumulated market knowledge and long-standing familiarity with customer demand, with more than 1,500 in-house jewellery SKUs developed to date, of which more than 500 remain active in production today. That positioning is especially relevant in a market long shaped by familiar incumbent players whose product ranges are often narrower and less responsive to current demand. That heritage has given management a closer read on what customers are actually buying, how preferences are shifting, and where conventional players are leaving demand underserved.
MG Gold differentiates itself through deliberate sourcing and sharp merchandising judgement. The company sources through more than 30 suppliers, travelling to markets such as the Middle East to identify commercially validated SKUs and bring a broader, more current assortment back into Malaysia.
That model gives both trade buyers and end-customers access to greater variety than the market has typically offered, while allowing the platform to monetise demand across both direct purchase and downstream resale. The result is a platform that spans wholesale and retail across Malaysia and Singapore, with principal products such as gold bullion, gold jewellery and used gold, and a digital gold ecosystem in development.
In 2025, MG Gold refined more than 75kg of gold materials and tested more than 1,000 assay samples, giving a clearer picture of throughput, product integrity and the internal capabilities required to scale responsibly. That operating base is matched by a control environment suited to a high-value inventory business, with no material incidents of theft, robbery, internal pilferage or substantiated customer privacy complaints disclosed during the period.
With its proven operational foundation, MG Gold is expected to accelerate its growth through digital platforms and expand its presence in South East Asia, building on its established position in Singapore. Its digital growth roadmap will begin with the planned Q3 2026 launch of its technology-enabled digital gold platform, designed to improve customer access to physical gold through a more transparent and accessible digital experience.
This will be followed by the planned Q4 2026 launch of its direct-to-consumer gold jewellery e-commerce platform with global shipping capabilities, supporting MG Gold’s transition into a regional digital gold ecosystem spanning wholesale, retail, e-commerce and future digital gold services.
“Our focus is to translate this growth plan into disciplined execution across operations, sourcing, product development, digital channels and regional expansion. With an established wholesale base, Singapore operations and upcoming digital launches, MG Gold is well positioned to strengthen customer reach and build a more scalable platform over the next phase of growth,” said Sharrvindren Alagendran, Chief Executive Officer of MG Gold.
The investment highlights Crewstone’s strength in identifying where category tailwinds and operator quality intersect.
In gold, the firm sees scope for attractive returns not from commodity exposure in isolation, but from backing businesses that can capture value through sourcing judgement, inventory velocity, channel development and disciplined execution.
“There is a clear commercial gap in this space. Customer choice in this category remains limited, operators with the judgement to source and commercialise winning SKUs are not easily replicated, and MG Gold is already showing that it can serve both resellers and end-buyers through the same platform,” said Keng Fai Wong, Chief Executive Officer of Crewstone International. “That gives the business a more credible growth path than a conventional single-channel jeweller, and a stronger foundation from which to scale into its next phase.”
“We started MG Gold in 2017 as a small trading business, and over the years the company has grown into a broader gold platform serving wholesale, trade, retail and jewellery customers. With our Singapore operations already active, the next phase is about scaling more systematically across Southeast Asia, launching our technology-enabled digital gold platform, expanding into global digital commerce and building the foundation for a regional digital gold ecosystem. Crewstone’s support gives us the institutional backing and strategic discipline to execute this transition properly and prepare the business for long-term IPO readiness,” said Piremnat Alagendran, Co-Founder and Chairman of MG Gold.
