Malaysian Genomics to undertake private placement exercise


KUALA LUMPUR: Malaysian Genomics Resource Centre Bhd has proposed to undertake a private placement of up to 10% of its complete variety of issued shares, to third-party traders to be recognized later, at a problem value to be decided later.

The genomics and biopharmaceutical specialist stated the brand new placement shares will rank equally in all respects with present Malaysian Genomics shares besides they won’t be entitled to any dividends, rights, allotments and another types of distribution ought to the entitlement date precede the related date of allotment and issuance of the brand new placement shares.

“We are proposing the private placement to raise funds mainly for the group’s future investments of which we are still exploring options and a part of the proceeds will be allocated for the purchase of equipment including IT hardware, biological safety cabinet and extraction automation for our existing and future businesses,” government director Azri Azerai stated in a press release.

He stated the reopening of the economic system presents alternatives within the private healthcare phase and the recent funds raised will allow the corporate to give you the option to make the most of the probabilities.

“We diversified into the biopharmaceutical business in 2020 and have since been pushing to open channels for our cell therapies and genetic tests through a series of agreements that gives us a wider market reach. We also bought a 51% stake in a kidney dialysis operator, Aquahealth Sdn Bhd, to offer holistic kidney care,” he added.

UOB Kay Hian Securities (M) Sdn Bhd is the adviser and placement agent for the proposed private placement.

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