KUALA LUMPUR: Malaysian Genomics Resource Centre Bhd (MGRC) has completed its fundraising exercise and will embark on its expansion plans.
The genomics and biopharmaceutical company recently announced its private placement exercise, which entails issuing 7 million shares at RM0.41 per share.
MGRC has raised RM2.87 million from the exercise, and the proceeds will be channelled towards the company's working capital and net off against the estimated expenses of the fundraising exercise.
The expansion plans include a change of name from Malaysian Genomics Resource Centre Bhd to Rinani Life Sciences Bhd, a reduction of the issued share capital and the establishment and implementation of a long-term incentive plan (LTIP) of up to 30.0 per cent of the company's total issued share capital.
The expansion plan 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, whereby the company will be introducing cosmeceutical products such as face wash, face serum, hair serum and moisturiser under the brand Rejuvium.
Meanwhile, MGRC also announced that Datin Sri Jacqueline Ngu Hia Kee has emerged as a new substantial shareholder after acquiring a 5.10 per cent stake in MGRC through the seven million placement shares.
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 welcomed Jacqueline to MGRC and Rinani Group Bhd and looks forward to adding more valued individuals like her to the company.
"With her insight and support, we will seize opportunities that will capitalise on the growth of MGRC in the long run," he said in a statement.
Recently, Rinani Group Bhd (RGB) became a substantial shareholder after acquiring a 5.85 per cent stake, equivalent to 7.62 million shares in MGRC and has currently increased its stake to 10.64 per cent or 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 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.