More News
MANUFACTURING | Staff Reporter, Singapore

UMS snaps up 10% stake in ASF for RM145,000

It’s trying to find an alternative revenue source.

UMS has inked a deal to subscribe for 10% equity of All Star Fortress (ASF) enlarged shareholdings through issuance of new shares for a total consideration of RM145,000.

According to a media release by the semiconductor equipment manufacturer, it will provide ASF secured, interest-bearing convertible loans of up to a total of US$7.5m. This includes US$6.7m for ASF to strengthen its capability and expand its manufacturing capacity to meet their aerospace customers’ requirements.

UMS will be granted the option to convert balance amount into additional ordinary shares of ASF. Further, UMS will rent its Penang premises on a commercial basis to ASF.

This investment is part UMS’ bid to diversify beyond its traditional semiconductor business segment in order to achieve an alternative revenue source. Also, UMS is attempting to find a foothold in a high potential growth sector within the aerospace industry.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.