KUALA LUMPUR (July 25): Former beauty queen Datin Seri Jacqueline Ngu Hia Kee has emerged as a substantial shareholder in Malaysian Genomics Resource Centre Bhd (MGRC) following her acquisition of seven million shares or a 5.1% stake in the company.

In a bourse filing on Tuesday (July 25), MGRC said Ngu acquired her stake in the genomics and biopharmaceutical specialist on Monday but did not provide any details on the purchase price.

However, based on MGRC’s closing price of 45.5 sen on Monday, a back-of-the-envelope calculation indicates that Ngu could have acquired the stake for about RM3.19 million.

Prior to Ngu's stake acquisition, Rinani Group Bhd had also emerged as a substantial shareholder of MGRC two weeks ago after it bought a 5.85% stake in the company. It subsequently increased its stake to 11.21%, a MGRC filing on July 18 showed.

In a statement, MGRC chairman Azri Azerai said, "We are delighted to welcome Ngu to MGRC and Rinani Group 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."

Ngu, who was Miss World Malaysia 1993/1994, has an "underlying passion" in healthcare and sciences, he added.

Separately, MGRC announced the completion of a private placement undertaken by the company to raise funds for its expansion.

The private placement entailed the issuance of seven million ordinary shares at the issue price of 41 sen per placement share which raised gross proceeds of about RM2.87 million.

MGRC's expansion plans include a proposed change of name from “Malaysian Genomics Resource Centre Bhd” to “Rinani Life Sciences Bhd”, a proposed reduction of its issued share capital, and the establishment and implementation of a long-term incentive plan of up to 30% 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 fast moving consumer goods (FMCG) initiative, where they will be introducing their cosmeceutical products such as face wash, face serum, hair serum and moisturiser under the brand Rejuvium.

Shares in MGRC were unchanged at 45.5 sen, which valued the group at RM62 million.