Malaysian Genomics Resource Centre Berhad announces today that Rinani Group Berhad has become a substantial shareholder by acquiring a 5.85% stake equivalent to 7.62 million shares in the Group.
Azri Azerai, the Group’s Executive Chairman, said “We are excited to have Rinani Group Berhad on board as a substantial shareholder. Their investment comes at a pivotal time as we are transitioning towards biopharmaceuticals and pursuing various growth initiatives.”
Azri emphasized that the addition of Rinani as a substantial shareholder would play a crucial role in the Group’s restructuring and next phase of growth. “Their involvement brings a wealth of opportunities in life sciences and its applications, which aligns with our growth strategy,” he said.
The Group’s recent initiatives are underscored by a supply agreement between its wholly-owned subsidiary, MGRC Healthcare Sdn Bhd (“MGRC-H”), and DLF Engineering Pte Ltd (“DLF”). This agreement entails MGRC-H supplying DLF with genetic screening tests and cell products such as application-specific mesenchymal stem cells, NK cells, exosomes, and rejuvium for a year, with potential renewal upon mutually agreed terms.
As of 15 July 2023, MGRC’s share price stood at 0.455 sen, reflecting a market capitalisation of RM59.20 million.
