UMediC gets Bursa Malaysia Securities, SC nods for ACE Market listing

KUALA LUMPUR, May 26 (Bernama) -- UMediC Group Bhd has received approvals from Bursa Malaysia Securities Bhd and Securities Commission (SC) Malaysia for its listing on the ACE Market of Bursa Malaysia.

In a statement today, it said pursuant to the listing, UMediC’s initial public offering (IPO) would comprise a public issue of 97.22 million new UMediC shares of which, 18.69 million would be made available to the Malaysian public while 13.08 million would be allocated to eligible directors, employees and business associates which have contributed to the success of the company.

It said the remaining 65.44 million new UMediC shares would be made available through private placements to selected investors.

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“We not only expect the demand for medical devices to continue growing but also at an increasing rate. We will do our utmost to capitalise on this opportunity,” executive director/chief executive officer Lim Taw Seong said.

He said the company intended to utilise proceeds from the IPO to prepare for the future by constructing a new factory to expand production as well as storage capacities to meet future market demand.

He added that the company is well poised for growth and has around 20 years of cumulated market presence and a strong track record.

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UMediC is principally involved in the marketing and distribution of various branded medical devices and consumables as well as the provision of after-sales services for all its products.

It is also involved in developing, manufacturing and marketing its own medical consumables.

-- BERNAMA