UMS

UMS: May rise and test YTD high of $0.625 after it says it received in-principle approval from SGX for the listing and quotation of up to 110m new shares in conjunction with its proposed dual listing on Korea's KOSDAQ Market. However, further upside may be limited with the stock up around 25% since UMS announced early Oct it was seeking a listing on a foreign exchange…..

Co, says it will now seek shareholders' approval to issue 110m new shares which will underlie 11m KDRs, which would amount to around 24.24% of enlarged share capital. UMS says the move will enlarge its equity base and also raise its profile in Korea, a major semiconductor manufacturing center globally and facilitate its business expansion and possible M&A. Grp will use 80% of the net proceeds to invest in plant and equipment.