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PETALING JAYA: UMediC Group Bhd has made its debut on the ACE Market of Bursa Malaysia, closing the day with a premium of 56.25% or 18 sen higher at 50 sen from its initial public offering (IPO) price of 32 sen.
Chief executive officer and executive director Lim Taw Seong said the group had executed various transformation strategies that expanded the group’s product lines from marketing and distribution of dental-related products to medical devices and consumables. “In line with our transformation, UMediC managed to venture into the manufacturing of Hydrox prefilled humidifiers and AirdroX inhaler spacers.
“In addition, we export our manufactured products to more than 30 countries including South Korea, Thailand and Indonesia,” Lim said at the listing ceremony in Bursa Malaysia.
It has raised RM31.1mil via the issuance of 97.22 million shares of which 11.3% of the proceeds was 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 while the remaining 10.1% was allocated for listing expenses.
“Through the fund raised, the group can strengthen its presence and position in the industry along with its growing footprints in the manufacturing segment as it continues to introduce new products to the market,” Lim said. In a statement, the company said its new factory’s production floor, measuring 30,000 sq ft, could house up to two production lines.
The new marketing and distribution offices will be located in central Kuala Lumpur and Johor Baru.
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The group will expand its manufacturing segment to develop and commercialise more products under its own brand.
In addition, it will offer wider and more comprehensive medical devices to its end-customers, according to the statement.
Ng Chin Liang, UMediC alternate director to Datuk Ng Chai Eng, said the group’s latest order book saw double-digit growth compared with the same period last year in spite of its manufacturing segment running at 75% capacity.
“The demand for medical devices keeps on increasing and our products are halal certified. Our products prioritised by Muslim friendly countries. Healthcare products will remain in demand,” Ng said.
UMediC corporate and legal adviser Ng Sze Hui said the group’s compound annual growth rate in the past three years stood at 96%.
Upon listing, its market capitalisation will be at RM119mil.
The group’s normalised profit after tax for the past nine months in the financial year ending 2022 increased to RM7.05mil from RM5.61mil in the financial year ended 2021.
