(L-R) Non-Independent Non-Executive Director of UMedic Group Berhad Lau Chee Keong, Non-Independent Non Executive Chairman of UMedic Group Berhad Dato Ng Chai Eng, Chairman of Affin Hwang Investment Bank Berhad YM Tunku Afwida Binti Tunku A. Malek, at the launching of its initial public offering prospectus in conjunction with its listing on the ACE Market of Bursa Malaysia Securities Berhad - FAIHAN GHANI/The Star新2手机管理端（www.hg108.vip）实时更新发布最新最快的新2代理线路、新2会员线路、新2备用登录网址、新2手机管理端、新2手机版登录网址、新2皇冠登录网址。
PETALING JAYA: Medical devices maker UMediC Group Bhd (UMC), which is slated for a listing on Bursa Malaysia’s ACE Market on July 26, aims to raise RM31.1mil from its initial public offering (IPO).
The company will allocate RM3.5mil from the gross proceeds to construct a new factory, while RM6.8mil will go for the setting up of new marketing and distribution offices.
A further RM9mil will be allocated to repay borrowings, and RM8.66mil will be used for working capital.
UMC’s executive director and group chief executive officer Lim Taw Seong said Malaysia’s medical device industry is expected to grow at a rate of 12.1% from 2021 to 2026.
“Supported by our strong track record, we have, over the years, cultivated and groomed a team of talented and dynamaic individuals comprising sales, medical and technical specialists,” he said.
He added that paired with the demand from its manufacturing segment, the company intends to utilise the IPO proceeds to construct a new factory to increase production capacity.,
With regards to the company’s manufactured medical consumables, Lim noted that there has been increased usage of disposable medical products to reduce the risks of cross-contamination, especially after the Covid-19 pandemic.
“Our management team foresees an untapped potential and we are poised to seize on these valuable opportunities,” he added.
Its IPO comprises a public issue of 97.22 million new shares at 32 sen per share. Out of this, 18.69 million shares will be made available to the Malaysian public and 13.08 million allocated to eligible directors, employees and business associates.
The remaining 65.44 million shares will be made available via private placements to selected investors.
Based on its enlarged share capital of 373.91 million shares and IPO price, the market capitalisation would be RM119.65mil.