Malaysian Genomics Ramps Up Expansion Programme

Group maximises on proceeds to embark on expansion plans including proposed change of name to ‘Rinani Life Sciences Berhad’

PETALING JAYA ( 25 July 2023) – Malaysian Genomics Resource Centre Berhad (“MGRC” or “Company”), a leading genomics and biopharmaceutical specialist, today announces the completion of the Private Placement undertaken by the Company with the objective of embarking on expansion plans through utilisation of proceeds raised from the Private Placement.

The Private Placement entails the issuance of 7 million ordinary shares (“Placement Shares”) at the issue price of RM0.41 per placement share that has raised gross proceeds of approximately RM2.87 million. The proceeds shall be channelled towards the Company’s working capital and to net off against the estimated expenses of the Private Placement.

Among the expansion plans also include a proposed change of name from “Malaysian Genomics Resource Centre Berhad” to “Rinani Life Sciences Berhad”, a proposed reduction of the issued share capital and the establishment and implementation of a long term incentive plan (“LTIP”) of up to 30.0% of the Company’s total issued 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 such as face wash, face serum, hair serum and moisturiser under the brand Rejuvium.

MGRC would also like to announce the emergence of Datin Sri Jacqueline Ngu Hia Kee (“Datin Sri Jacqueline”) as a new substantial shareholder after acquiring a 5.10% stake in MGRC through the 7 million Placement Shares. Datin Sri Jacqueline, who was Miss Malaysia World 1993/1994, has an underlying passion that MGRC’s dedication to healthcare and sciences attribute to improving the quality of life, particularly in life sciences, wellness, and beauty.

Executive Chairman of Malaysian Genomics, Azri Azerai said, “We are delighted to welcome Datin Sri Jacqueline to MGRC and Rinani Group Berhad 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 (“Rinani”) became a substantial shareholder after acquiring a 5.85% stake equivalent to 7.62 million shares in MGRC and has currently increased its stake to 10.64% equivalent to 14.60 million shares in MGRC. MGRC has also signed a collaboration agreement with DLF Engineering Pte Ltd to distribute genetic screening tests in Singapore as well as Toticell Ltd to widen their reach in Bangladesh. The investment as well as the agreements made ensures confidence in the Group in their continued transition towards biopharmaceuticals and other growth initiatives while expanding their geographical network.