Hong Seng To Acquire Majority Stake In POW Pocket For RM200 Million

Hong Seng Consolidated Berhad has entered into a Heads of Agreement on a proposed acquisition of 51% equity interest in Pow Pocket Sdn Bhd for RM200 million.

Pow Pocket is principally involved in health technologies related business activities and is currently operating Jengu, which is a web-based digital health engine dedicated to COVID-19 screening, vaccination, and digital health. The company also operates the ImmuPlan portal, an exclusive digital platform for public and private vaccination roll out in the state of Johor under the guidance of the Johor Biotechnology & Biodiversity Corporation.

During a launch recently POW Pocket announced the national private vaccination programme, Immunise the platform engine of ImmuPlan, will become an open and inclusive platform aimed at capturing the demand for booster and juvenile vaccination shots in the country.

Hong Seng Non-Executive Chairman Dato’ Seri Dr. Chen Chaw Min, who is also a former secretary-general of the Ministry of Health, said: “In view of Pow Pocket’s prospects in the vaccination roll out programme as well as the existing collaborations with Pow Pocket, the Group believes that the proposed acquisition is a strategic move to work exclusively together and strengthen the synergies with its other healthcare subsidiaries”.

Pow Pocket Managing Director Russell Walter Boyd added: “Immunise works by democratising and decentralising private vaccine delivery by empowering our communities and doctors to make decisions on inoculation. The Immunise platform will cover everything from online booking and scheduling a vaccine, to back-end order management, physical vaccine delivery & cold chain, refunds, reconciliation and invoicing, KPI dashboarding and reporting. We are now moving from adult vaccines to juvenile and booster shots, facilitating a recurring demand for both localised and personalised vaccine delivery. We are estimating that RM10 billion worth of doses will be required in year 2022 to cover the needs of adult population in Malaysia aged above 18, juveniles aged 12-17 and migrant workers.”

This comes on the back of eMedAsia Sdn Bhd a 52% owned subsidiary of HS Bio which had entered into another Collaboration Agreement with Pow Pocket recently on digitalisation of the healthcare services nationwide through their respective e-commerce platforms. 

Currently, Pow Pocket also owns 40% equity interest in Neogenix Sdn Bhd (a 60% owned subsidiary of HS Bio) and it operates a web portal which registers and performs health screenings for inbound travellers into the state of Johor at immigration points at the Sultan Iskandar Building (BSI) located at the northern end of the Johor-Singapore Causeway and Sultan Abu Bakar Complex (KSAB).

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