Shares of Singapore semiconductor equipment maker UMS Holdings (UMSH.SI) rose as much as 8.6% on Monday, after it announced plans to buy two manufacturing companies for $28 million in total, traders said.
At 9:35 a.m., shares of UMS were 5.7% higher at $0.37 with over 3.8 million shares changing hands. This was 1.3 times its average daily volume over the last five session.
At 9:35 a.m., shares of UMS were 5.7% higher at $0.37 with over 3.8 million shares changing hands. This was 1.3 times its average daily volume over the last five session.
“This is likely positive for UMS over the longer run, as the companies they’re acquiring will allow it to expand its capabilities and services to customers,” said a local dealer.
Integrated Manufacturing Technologies and Integrated Manufacturing Technologies Inc, the two firms that UMS will acquire, manufacture gas delivery systems.
UMS said in a statement it expects the acquisitions to increase earnings.
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