KUALA LUMPUR (May 26): UMediC Group Bhd has received the nod from Bursa Securities and the Securities Commission Malaysia (SC) to list on Bursa Malaysia’s ACE Market.

The group is issuing 97.22 million new shares, of which 18.69 million will be made available to the Malaysian public, while 65.44 million will be placed to selected investors.

The company markets and distributes medical devices and consumables, with a cumulative market presence of around 20 years. It is also involved in the development, manufacturing and marketing of its medical consumables.

UMedIC seeks to raise funds from its initial public offering (IPO) to develop a new factory to expand production and storage capacity, said its executive director cum CEO Lim Taw Seong in a statement.

“We not only expect demand for medical devices to continue growing, but also at an increasing rate,” Lim said.

“We will do our utmost to capitalise on this opportunity,” Lim added. “Furthermore, we have allocated funds to set up new marketing and distribution offices which will strengthen our domestic presence and reach.”

For the financial year ended 2021 (FY21), UMediC posted a revenue of RM34.12 million, higher than RM23.68 million in FY20, and RM16.42 million in FY19, mainly due to an increase in revenue from its marketing and distribution segment.

Affin Hwang Investment Bank Bhd is the principal adviser, sponsor, sole placement agent and sole underwriter for the IPO exercise, UMediC said.

by Adam Aziz / theedgemarkets.com