(From left): UMC non-independent non-executive chairman Datuk Ng Chai Eng, Lim, Affin Hwang Investment CEO Mona Suraya Kamaruddin and Affin Hwang Investment chairman/independent non-executive director Tunku Afwida Tunku A Malek

KUALA LUMPUR (June 3): UMediC Group Bhd (UMC) has signed an underwriting agreement with Affin Hwang Investment Bank Bhd in conjunction with its initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities.

The IPO involves the public issue of 97.22 million new UMC shares, while the listing of and quotation for the entire enlarged issued share capital of the company comprises 373.91 million shares, according to the medical devices distributor’s statement on Friday (June 3).

Affin Hwang Investment is the sole underwriter of up to 31.78 million shares under the IPO made available for application by the Malaysian public and eligible directors, employees and business associates of UMC. It is also the principal adviser, sponsor and sole placement agent for the IPO exercise.

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

“We are excited to inaugurate the next chapter of our corporate journey. The signing of the underwriting agreement symbolises a major milestone for us and propels us one step closer to be a listed company. We aim to further strengthen our position as a distributor of medical devices in the local market and a manufacturer of medical consumables to be distributed in both the local and international markets,” said UMC executive director/group chief executive officer Lim Taw Seong.

“We are also pleased to have AHIBB (Affin Hwang Investment) on board, and we thank them for their confidence in us,” he added. Last week, the group obtained approval from Bursa Securities and the Securities Commission Malaysia (SC) for its ACE Market debut.

Edited by Tan Choe Choe

by Syafiqah Salim / theedgemarkets.com