UMediC Group Bhd officially made its debut on the ACE Market of Bursa Malaysia Securities Berhad today. The share price opened at RM0.50, representing a 56.25% premium over the issue price of RM0.32, with an opening volume of 11.14 million shares.
UMC has successfully raised RM31.1 million via the issuance of 97.22 million new shares of which 11.3% of the proceeds have been earmarked for the construction of a new factory building, 21.9% for the setting up of new marketing and distribution offices, 28.9% for the repayment of bank borrowings, 27.8% for working capital whilst the remaining 10.1% will be for listing expenses.
UMC is listed in the Healthcare sector under the stock name of ‘UMC’ and stock code of ‘0256’.
UMC Executive Director/Chief Executive Officer Lim Taw Seong said, “Being able to achieve what we have accomplished thus far was no easy feat. Over the course of the 20 years, we have been continuously transforming from dental-related products to medical devices and consumables for our marketing and distribution segment. In addition, we also managed to venture into the manufacturing segment and will continue to grow our footprint by introducing new products in the market.”
“Given our entrance into the capital market, we are humbled with the overwhelming support as evident by our oversubscription rate of 46.81 times, indicating the strong market sentiment towards the medical device industry which remains vibrant in light of growing interest in quality healthcare. Hence as UMC grows, we will stay true to our motto of bringing excellence to the healthcare industry,” he added.
Affin Hwang Investment Bank Berhad is the principal adviser, sponsor, sole placement agent and sole underwriter for this initial public offering exercise.