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October 27, 2009 15:24 PM
BMI To Sell 35 Per Cent Stake To Belgium's IBA Molecular
KUALA LUMPUR, Oct 27 (Bernama) -- Bio Molecular Industries Sdn Bhd (BMI), the biotechnology arm of Malaysia Steel Works (KL) Bhd (Masteel), is in negotiations with Belgium-based IBA Molecular to take up a 35 per cent stake in the Malaysian company.
Masteel managing director and chief executive officer Datuk Seri Tai Hean Leng said on Tuesday that the deal, estimated to be worth close to RM7 million, was expected to be concluded in about a month.
"This arrangement will help us to reduce operational risk and at the same time strengthen equity and expertise in radiopharmaceutical production," he told reporters after signing an agreement here with Stemcor Australia Pty Ltd to export RM120 million worth of steel bars to Australia.
"The agreement has been formalised and is waiting for execution. We will be submitting the documents to our respective boards for approval," he said.
BMI is aiming to be a regional radiopharmaceutical production powerhouse with a leading-edge research and development centre in Asia.
-- BERNAMA
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