The proceeds will go towards UMS’s future capital expenditure requirements, working capital and future business development such as potential investments, joint ventures (JVs) and collaborations as well as mergers and acquisitions (M&As).
UMS Holdings has raised $51.6 million after the completion of its placement of 40 million new shares.
The shares, which were not underwritten, were priced at $1.29 per share, or a discount of 6.94% to the volume-weighted average price (VWAP) of $1.3862 for the trades done on Jan 25. At its close, the placement was 2.55 times subscribed. According to UMS, it received “strong participation” from investors, including global and regional institutional investors as well as accredited investors.
