KUALA LUMPUR (April 18): Bursa Malaysia Securities Bhd has approved the transfer of UMediC Group Bhd’s listing status from the ACE Market to the Main Market, under the 'health care' sector.

“The transfer will take effect immediately two market days upon the announcement to Bursa Securities on the transfer date via Bursa Link,” said the medical device distributor and manufacturer in a bourse filing on Thursday.

In a previous filing, UMediC said that it is deemed to have met the requirements for the transfer — namely the profit, financial position and public shareholding spread requirements.

The group believes its transfer to the Main Market would enhance its credibility and recognition, and reflect its current scale of operations.

“This, in turn, is expected to improve the liquidity and marketability of UMediC shares,” it said in the past filing.

The group was listed on the ACE Market on July 26, 2022. It booked a net profit of RM10.36 million and revenue of RM45.43 million for the financial year ended July 31, 2023 (FY2023).

For the first half ended Jan 31, 2024 (1HFY2024), UMediC’s net profit declined 11.02% to RM4.37 million, from RM4.91 million previously, on higher administrative and marketing expenses. Despite this, revenue expanded 17.5% to RM28 million from RM23.83 million, driven by heightened demand for medical devices and consumables from both public and private hospitals, as well as healthcare service providers.

Shares in UMediC closed up four sen or 6.3% at 67.5 sen on Thursday, giving the group a market capitalisation of RM252.4 million.