Rinani Group Berhad Acquires 5.85% Stake in Malaysian Genomics

Executive Chairman Azri Azerai Welcomes Rinani Group Berhad as Substantial Shareholder in Group's Restructuring

PETALING JAYA (14 Jul) – Malaysian Genomics Resource Centre Berhad (Malaysian Genomics or the Group), a leading genomics and biopharmaceutical specialist, announces today that Rinani Group Berhad (Rinani) 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, welcomed this significant development, “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.

In conclusion, Azri said, "Rinani's arrival as a substantial shareholder strengthens our financial standing and our capacity to capitalise on burgeoning opportunities in the healthcare sector. Together, we are better positioned to deliver sustainable value to our stakeholders."

As of 15 July 2023, MGRC’s share price stood at 0.455 sen, reflecting a market capitalisation of RM59.20 million.