One of the two directors will also need to be appointed as a member of the company’s audit committee, and the company fully complying with the requirements of the securities commission’s equity guidelines.
The proposed secondary listing still remains subject to approvals of other relevant authorities in Malaysia, such as the Bursa Securities.
It will also procure the approval of its shareholders at an extraordinary general meeting of the company for the amendments to its existing constitution.
The mainboard listed semiconductor firm first announced the proposed secondary listing in a July 17 bourse filing. It said the move would broaden the company’s investor reach and widen its investor base, and potentially increase the liquidity of the company’s shares.
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It would also enable UMS Integration to tap into additional platforms for future fundraising and provide it with the flexibility to access different equity markets to raise funds.
On Dec 31, UMS said that the proposed secondary listing does not involve any offering of shares.
UMS Integration held its IPO on the Singapore Exchangeback in 2001, where it raised $51.6 million via a placement of 40 million new shares at $1.29 each. About a decade later, it attempted a dual listing in Korea to tap the semiconductor ecosystem there. But a non-Korean company ahead of UMS in the application was caught for fraud, and the dual listing eventually did not go through.
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Similar to UMS, Grand Venture Technology has some manufacturing presence in Malaysia as well. It provides manufacturing services for clients in the semiconductor and life sciences space.
Shares in UMS Integration closed 1 cent higher or 0.901% up at $1.12 on March 25.
Grand Venture Tech shares closed at 79 cents on March 25, down 2.48%.
