KUALA LUMPUR (April 3): UMediC Group Bhd has secured approval from the Securities Commission Malaysia (SC) for the proposed transfer to the Main Market of Bursa Malaysia Securities.

Affin Hwang Investment Bank, on behalf of UMediC, announced on Wednesday that the SC approved the proposed transfer and resultant equity structure. This is in accordance with Section 214(1) of the Capital Markets and Services Act, 2007, and the Bumiputera equity requirement for public-listed companies, according to UMediC’s bourse filing.

The medical equipment supplier was listed on the ACE Market on July 26, 2022. It booked a net profit of RM10.36 million and revenue of RM45.43 million for its financial year ended July 31, 2023 (FY2023).

For the first half ended Jan 31, 2024, UMediC’s net profit declined 11.02% to RM4.37 million from RM4.91 million on higher administrative and marketing expenses. Despite this, revenue expanded 17.5% to RM28 million from RM23.83 million, driven by heightened demand for medical devices and consumables from both public and private hospitals, as well as healthcare service providers.

UMediC is controlled by UWC Bhd co-founders Datuk Ng Chai Eng and Datuk Lau Chee Kheong.

The group is 51.44%-controlled by UMediC Capital Sdn Bhd, a private vehicle of Ng, his nephew Eric Lim Taw Seong and his business partner Lau. Each also directly owns 5% equity interest in the medical device specialist.

Shares of UMediC closed unchanged at 62.5 sen on Wednesday, valuing the group at RM234 million.