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Shares of Singapore chip equipment maker UMS Holdings <UMSH.SI> rose as much as 10.6% in early trade on Friday as investors were bullish about its plans to list in South Korea.
At 0332 GMT, UMS shares were up 7.5% at $0.505 on a volume of 34.2 million shares.
At 0332 GMT, UMS shares were up 7.5% at $0.505 on a volume of 34.2 million shares.
“It went up because of its plans to do a dual listing in Korea. It is ongoing and investors think that the response to the dual listing will be good,” said a local trader.
UMS said it is proposing to issue depository receipts on the KOSDAQ market of the Korea Exchange to tap into different equity markets, grow its overseas customer base and raise capital.
“Valuations for such companies in Korea are better. The Korean peers trade at a higher price-to-book ratio than UMS, which is trading at slightly under one time,” another Singapore trader said.
