KUALA LUMPUR: UMedic Group Bhd (UMC) had inked an underwriting agreement with Affin Hwang Investment Bank Bhd in conjunction with the company’s initial public offering (IPO) on the ACE Market of Bursa Malaysia.

The bank-backed investment firm will be the company’s principal adviser, sponsor, sole placement agent, and sole underwriter.

UMC’s executive director and group chief executive officer Lim Taw Seong said the signing of the agreement symbolises a major milestone for the company and propels it closer to being a listed company.

“We are excited to inaugurate the next chapter of our corporate journey. We aim to strengthen our position as a distributor of medical devices in the local market and as a manufacturer of medical consumables to be distributed in both the local and international markets,” he said.

UMC’s IPO involves the public issue of 97.22 million new shares. The company had received the nod from Bursa Securities for its listing and quotation for the enlarged issued share capital comprising 373.91 million shares on the ACE Market.

Affin Hwang Investment is the sole underwriter of up to 31.78 million shares made available for application by the Malaysian public and eligible directors, employees, and business associates of UMC.

UMC markets and distributes various branded medical devices and consumables and provides after-sales services for all its products. The company is also involved in developing, manufacturing, and marketing its medical consumables.

By Asila Jalil |New Straits Times