KUALA LUMPUR (Nov 27): Medical equipment supplier UMediC Group Bhd, which was just listed over a year ago in July 2022, is now planning to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia.

UMediC said in a bourse filing that it has met the requirements issued by the Securities Commission Malaysia for the proposed transfer, including in terms of profit and public shareholding spread, with a healthy financial position.

For the fourth financial quarter ended July 31, 2023 (4QFY2023), UMediC's net profit surged fivefold to RM3.37 million, from RM568,000 a year earlier, on the back of higher demand for medical devices and consumables from both public and private hospitals. Revenue for the quarter jumped to RM12.02 million, from RM7.41 million a year ago.

For the full year, net profit rose to RM10.32 million from RM6.43 million a year prior, despite posting a lower revenue of RM45.43 million versus RM50.74 million.

UMediC said the proposed transfer of listing will accord the company with greater recognition and acceptance among investors, in particular institutional investors, while reflecting its current scale of operations.

"This in turn is expected to improve the liquidity and marketability of UMediC shares. In addition, the proposed transfer is envisaged to enhance the confidence of UMediC’s customers, suppliers, business associates, employees, shareholders and lenders/bankers, through its profile as a company listed on the Main Market," it said.

Barring any unforeseen circumstances and subject to all required approvals being obtained, UMediC said the proposed transfer is expected to be completed in the first half of 2024.

UMediC's shares closed unchanged at 75 sen apiece on Monday — more than double its initial public offering price of 32 sen — giving the group a market capitalisation of RM280 million.

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