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- Bintai Kinden acquires 5.03% stake in MGRC
- Newly redesignated Executive Director, Azri Azerai, to spearhead both companies' growth strategies |
PETALING JAYA, Malaysia, Feb 17, 2022 - (ACN Newswire) - Malaysian Genomics Resource Centre Berhad ("MGRC" or "the Group"), a leading genomics and biopharmaceutical specialist, is pleased to announce the entry of a new substantial shareholder, Bintai Kinden Corporation Berhad ("Bintai Kinden"), a specialist in mechanical and electrical engineering services to the construction sector, in the Group.
 | | Azri Azerai, Executive Director of MGRC |
Bintai Kinden now has an effective shareholding of 5.03% stake in MGRC, following the acquisition of 6.25 million shares by Bintai Trading Sdn. Bhd., a wholly-owned subsidiary of Bintai Kinden, on 17 February 2022.
Following the acquisition, Encik Noor Azri bin Dato' Sri Noor Azerai ("Azri Azerai"), who was redesignated as an Executive Director of MGRC effective from 16 February 2022, will oversee the business development, human resources and finance functions of the Group. Azri Azerai has relinquished his role as Deputy Chief Executive Officer ("CEO") of Bintai Kinden after taking up the new role in MGRC, but will remain on the Board of Bintai Kinden as an Executive Director.
Azri Azerai, who was appointed to Bintai Kinden's Board in July 2021 as an Executive Director, and subsequently redesignated as the Deputy CEO, has successfully turned Bintai Kinden's earnings black since the first quarter of FY2022.
Speaking on his new role in MGRC, Azri Azerai said, "There are synergies in both companies that we intend to harness as Bintai Kinden diversified into the healthcare sector through the acquisition of Johnson Medical International Sdn. Bhd. ("JMI") in November 2021. We see plenty of opportunities that MGRC and Bintai Kinden can jointly enter into and leverage each other's strengths."
JMI specialises in medical facility development and construction projects where it provides medical engineering solutions such as operating theatres, critical care units and medical gas delivery systems. JMI is also a trader of medical equipment and supplies.
"We want both MGRC and Bintai Kinden to reap the benefits of working together. As I sit on the Boards of both companies, we will have better coordination and focus on where both companies can seek opportunities to grow as there is great potential for both."
Topic: Press release summary
Source: Malaysian Genomics Resource Centre Bhd
Sectors: Daily News, BioTech, Healthcare & Pharm, Local Biz
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From the Asia Corporate News Network
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