ACE-Market bound UMediC aims to raise RM31.1m from IPO

Jul 7, 2022 | News | 0 comments

(From left) UMediC Group Bhd (UMC) non-independent non-executive director Lau Chee Kheong and non-independent non-executive chairman Datuk Ng Chai Eng, Affin Hwang Investment Bank Bhd chairman and independent non-executive director Tunku Afwida Tunku A Malek, as well as UMC executive director and chief executive officer Lim Taw Seong

KUALA LUMPUR (July 6): Medical device manufacturer UMediC Group Bhd (UMC), which is en route to list on Bursa Malaysia’s ACE Market on July 26, aims to raise RM31.11 million from its initial public offering (IPO).

The IPO comprises 97.22 million new shares, of which 18.7 million will be made available to the Malaysian public, 13.09 million to eligible directors and employees, and 65.44 million to be made available via private placement to selected investors.

Based on an issue price of 32 sen per share and an enlarged share capital of 373.91 million shares, UMC will have a market capitalisation of RM119.65 million upon listing.

Of the gross proceeds of RM31.11 million, RM9 million will be allocated for the repayment of borrowings and RM8.66 million for working capital to finance the purchase of additional distribution products, including ventilators, defibrillators and infant care machines.

Another RM6.8 million will be allocated for the setting up of new marketing and distribution offices in Kuala Lumpur and Johor Baru, while the remaining RM3.5 million will be used for the construction of a new factory in Batu Kawan.

Edited by Surin Murugiah, theedgemarkets

You can find about full news on THE EDGE MARKETS page.