Shares in UMS closed 0.5 cents higher or 0.5% up at $1 on Sept 13.

Andy Luong, the founder and CEO of UMS Integration, has bought 600,000 shares in the company on Sept 12.

The shares were bought from the market for $589,500 or 98.25 cents.

Following the purchase, Luong’s total stake in the company increased to 15.34% from 15.25%.

On Aug 12, UMS Holdings 558 reported earnings of $19.5 million for the 1HFY2024 ended June 30, 35% lower y-o-y.

The lower earnings were due to the lower revenue of $109.9 million for the period, down 29% y-o-y.

UMS, on the same day, announced that it will be changing its name from UMS Holdings to UMS Integration Limited.

The name change is connected to the company’s proposed secondary listing on the Malaysian Bursa.

According to the group, the name change will “better reflect” its identity and status. It will also distinguish it from similarly named companies in Malaysia.

In addition, the proposed name change will cement UMS’s growing footprint in Malaysia as it expands its production facilities there. The group announced that it acquired another 5.38 acres of leasehold industrial land in Penang’s Science Park North to build its third factory on July 1.

Shares in UMS closed 0.5 cents higher or 0.5% up at $1 on Sept 13.