KUALA LUMPUR, Dec 31 -- Hong Seng Consolidated Bhd’s wholly-owned subsidiary, HS Bio Supplies Sdn Bhd has entered into a Shares Sale Agreement with Neogenix Laboratoire Sdn Bhd’s (Neogenix) shareholder, Neoh Cheu An to acquire 60 per cent stake in Neogenix for RM6.5 million cash.
In a filing with Bursa Malaysia today, Hong Seng said upon completion of the proposed acquisition, which is expected to be completed by first quarter of year 2021, Neogenix will become a 60 per cent-owned subsidiary of HS Bio.
Neogenix, a medical diagnostic and research laboratory, provides more than 76 tests ranging from infectious diseases to oncology, precision medicine and generic tests, as well as offers a wide range of customised life science services in the field of research and development.
To recap, Hong Seng, on Dec 15, 2020, said it has obtained its shareholders’ approval to diversify the group’s business to include supply healthcare products and services, and related business.
“The proposed acquisition is viewed positively for HS Bio by obtaining the readily available business of Neogenix to widen the group's capabilities to complement its healthcare business.
“As such, the acquisition will enable the group’s healthcare business to provide a comprehensive range of medical and healthcare products and services that encompasses supplies of medical and healthcare-related products and services, test labs set-ups, mobile testing and diagnostics services. These are in addition to the supply chain management services for the healthcare industry,” it added.
It said the acquisition is also part of the group’s initiatives to support the nation’s efforts to contain the COVID-19 pandemic.
“It is optimistic that the acquisition will drive the long-term growth potential of the group’s healthcare business and improve the financial performance moving forward.
“This is in line with the group’s business plan to grow HS Bio as an end-to-end healthcare supply chain player in the industry,” it said.
-- BERNAMA
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