The Health August 2023 | Page 6

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THE HEALTH | AUGUST , 2023

| Local News |

IHH Healthcare ayes Agilus Diagnostics ’ IPO

IHH HEALTHCARE Berhad has approved Agilus Diagnostics Ltd , a diagnostics company based in India , to initiate an initial public offering ( IPO ) process via an offer for the sale of equity shares by certain existing and eligible shareholders of Agilus Diagnostics in the IPO , following applicable laws . It said the actual timing and implementation of the IPO will be subject to the determination of the respective boards of Fortis Healthcare Ltd and Agilus Diagnostics after considering the prevailing market conditions and other relevant factors at such price determined under the Securities and Exchange Board of India ( Issue of Capital and Disclosure Requirements ) Regulations , 2018 .

Agilus Diagnostics is a unit of Fortis Healthcare , an indirect 31.17 per cent-owned subsidiary of IHH Healthcare .
“ The IPO shall also be subject to the approval of the members of
DUE TO the growth potential of its manufacturing segment and its ability to capitalise on an expected increase in public healthcare spending , Hong Leong Investment Bank ( HLIB ) Research is upbeat on UMediC Group Berhad .
The government has committed to increase public healthcare spending to five per cent of gross domestic product from an estimated 2.9 per cent in 2021 . HLIB Research said it is anticipating an increase in the opening of tenders for medical equipment procurement from the public sector in July and August .
This is to ensure timely delivery of the equipment by December 2023 , since the standard tender process takes about four months from initiation to completion .
“ We are upbeat on the distribution segment ’ s performance in 1HFY24f , driven by the anticipated influx of public sector orders ,” it said in a note .
In 1HFY23 , UMediC faced a
Fortis Healthcare and other regulatory approvals , as required under applicable law ,” it said in a filing with Bursa Malaysia today .
IHH Healthcare will make further announcements as and when there are material developments on the matter , the group said .
IHH Healthcare runs 37 private hospitals in 10 countries , including China and India . Its facilities have a total of more than 6,000 beds .
Headquartered in Malaysia , the company also sees Singapore and Turkey as its home markets . The hospitals in these three countries

Good prospects for UMediC Group

delay in public-sector medical equipment orders due to the change in government .
Typically , UMediC will see stronger medical equipment sales to the public sector in 2H of the calendar year ( equivalent to its 1HFY ) as the Ministry of Health ( MoH ) utilises the budget allocated for the year to procure medical equipment .
Separately , UMediC is on track to launch two new products ( prefilled nebuliser and sterile water for attract affluent patients from across Southeast Asia and the Middle East . The group ’ s Mount Elizabeth and Gleneagles hospitals in Singapore are considered particularly prestigious , thanks to their state-of-the-art medical equipment .
IHH is single largest shareholder is government investment fund Khazanah Nasional Berhard , an investment arm of the Malaysian government . In 2020 , Khazanah defeated a rival bid from India ’ s Fortis Healthcare to take control of Parkway Holdings . Today , Parkway is a wholly owned IHH subsidiary .
inhalation ) by end-2023 .
“ We note the CE certification audit process for the prefilled nebulisers has been completed , and UMediC targets to commercialise the product once certification is received . We expect the prefilled nebuliser to contribute more meaningfully starting from CY24f ,” said HLIB Research .
The firm said the recent share price retracement offers a significant upside potential , of more than 50 per cent , to its current trading price .

Malaysian Genomics ramps up expansion

MALAYSIAN GENOMICS Resource Centre Berhad ( MGRC ), a genomics and biopharmaceutical company recently completed its private placement exercise and will utilise the proceeds to expand its operations .
The private placement entailed the issuance of seven million shares at 41 sen each raising gross proceeds of RM2.87 million .
Among the expansion plans include a proposed change of name to “ Rinani Life Sciences Berhad ”, a proposed share capital reduction and the implementation of a long term incentive plan of up to 30 per cent of the its share capital .
This falls in line with enhancing the growth of MGRC ’ s business pillars , which include genomics sequencing and analysis , cell and gene therapy products , as well as expanding into retail through pharmacies and clinics under their FMCG ( Fast Moving Consumer Goods ) initiative , where they will be introducing their cosmeceutical products .
MGRC also announced the emergence of Datin Sri Jacqueline Ngu Hia Kee as a new substantial shareholder after she acquired a 5.10 per cent stake through the share placement . The company said Jacqueline , who was Miss Malaysia World 1993 / 1994 , has an underlying passion that MGRC ’ s dedication to healthcare and sciences attributes to improving the quality of life , particularly in life sciences , wellness , and beauty .
MGRC executive chairman Azri Azerai said : “ We are delighted to welcome Datin Sri Jacqueline and look forward to adding more valued individuals like her to the Group . With her insight and support , we will seize opportunities that will capitalise the growth of MGRC in the long run .”
In recent developments , Rinani Group Berhad became a substantial shareholder after acquiring a 5.85 per cent stake in MGRC and increased it to 10.64 per cent . MGRC has also signed a collaboration agreement with DLF Engineering Pte Ltd to distribute genetic screening tests in Singapore and Toticell Ltd to widen their reach in Bangladesh .
The investment and the agreements made ensures confidence in MGRC in its continued transition towards biopharmaceuticals and other growth initiatives while expanding its geographical network .

Empowering vulnerable communities

NU SKIN MALAYSIA , a provider of skincare and wellness products , recently commemorated its 15-year partnership with Institut Jantung Negara ( IJN ) Foundation , a non-profit organisation dedicated to improving the lives of underprivileged children with congenital heart diseases .
To further the company ’ s global initiative to be a ‘ Force for Good ’ in empowering vulnerable communities , Nu Skin Malaysia established the Nu Skin Southeast Asia Children ’ s Heart
Fund ( SEACHF ) in 2008 . Since then , Nu Skin Malaysia has collected over RM6 million , which has supported the treatment of more than 400 children in the region . In 2022 alone , this partnership with IJN Foundation helped fund the surgeries for 51 children with heart disease and , subsequentially transformed the lives of over 900 children .
Nu Skin Malaysia & Brunei Market Operations Vice President Hendrix Wong said : “ We could not be prouder
of our incredibly fruitful 15-year partnership with IJN Foundation . To be able to give back to those most vulnerable in our communities by aiding children living with heart diseases in getting the treatment they need is a commitment we at Nu Skin Malaysia do not take lightly .”
IJN Foundation Chairman Toh Puan Dr Aishah Ong said : “ Our
long-standing partnership with Nu Skin Malaysia has been a great source of stability throughout these past 15 years .”