PETALING JAYA, August 20 – Malaysian Genomics Resource Centre Berhad (MGRC) is embarking on a strategic expansion programme following the successful completion of its Private Placement. The genomics and biopharmaceutical specialist raised approximately RM2.87 million through the issuance of 7 million ordinary shares at RM0.41 per placement share. With the proceeds from the Private Placement, MGRC plans to enhance its business pillars, including genomics sequencing and analysis, cell and gene therapy products, and retail expansion through pharmacies and clinics under their Fast Moving Consumer Goods (FMCG) initiative.
As part of their growth strategy, the company is proposing a change of name from “Malaysian Genomics Resource Centre Berhad” to “Rinani Life Sciences Berhad” to reflect its evolution and focus on life sciences. Additionally, MGRC will implement a long-term incentive plan (LTIP) of up to 30.0% of the Company’s total issued share capital to further motivate and reward key personnel for driving the company’s growth. The expansion plans have garnered the interest of prominent investors. Datin Sri Jacqueline Ngu Hia Kee, a new substantial shareholder, acquired a 5.10% stake in MGRC through the Private Placement.
Her passion for healthcare, sciences, wellness, and beauty aligns with MGRC’s dedication to improving the quality of life. Rinani Group Berhad has also increased its stake in MGRC to 10.64% equivalent to 14.60 million shares, demonstrating confidence in the company’s transition towards biopharmaceuticals and other growth initiatives. In addition to their investment, MGRC has signed collaboration agreements with DLF Engineering Pte Ltd to distribute genetic screening tests in Singapore and Toticell Ltd to expand their reach in Bangladesh, expanding their geographical network.
Azri Azerai, Executive Chairman of Malaysian Genomics, expressed excitement about the growth prospects of the company and welcomed Datin Sri Jacqueline to the team. With her valuable insights and support, MGRC aims to capitalize on opportunities and achieve long-term success. The proposed changes and expansion initiatives position MGRC as a key player in the life sciences and biopharmaceutical sectors, contributing to Malaysia’s healthcare and scientific advancements.
