Uscom Limited Seeks Shareholder Approval for Major Asset Sale

Uscom Limited (AU:UCM) has announced a General Meeting to seek shareholder approval for the sale of its main undertaking, Uscom Sng Pte. Ltd, to AXO Medtech VCC. This decision is influenced by ongoing financial difficulties, including losses and negative cash flow, which have limited capital raising efforts. The sale aims to provide necessary capital for Uscom's operations, with AXO Medtech planning to continue current operations and retain employees. Uscom operates in the medical technology sector, focusing on advanced medical devices, primarily in China and Singapore.