The approval was subject to few conditions, including appointing two directors with residence in Malaysia. The listing still remains subject to approvals from other authorities.

UMS Integration received approval from the Securities Commission Malaysia for the proposed secondary listing on the main market of Bursa Malaysia on March 24. 

The approval was subject to a few conditions, including UMS obtaining shareholders’ approval for the proposed adoption of the new constitution to incorporate provisions relating to the proposed secondary listing, and the company appointing at least two directors whose principal or only place of residence is within Malaysia. 

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.

It would also enable UMS Integration 558 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 Exchange S68 back 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.

Shares in UMS Integration closed 1 cent higher or 0.901% up at $1.12 on March 25.