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 total number of issued shares, to third-party investors to be identified later, at an issue price to be determined later.
The genomics and biopharmaceutical specialist said the new placement shares will rank equally in all respects with existing Malaysian Genomics shares except they will not be entitled to any dividends, rights, allotments and any other forms of distribution should the entitlement date precede the relevant date of allotment and issuance of the 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,” executive director Azri Azerai said in a statement.,
He said the reopening of the economy presents opportunities in the private healthcare segment and the fresh funds raised will enable the company to be able to take advantage of the possibilities.
“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.