HONG Seng Consolidated Bhd whose share price has doubled since July 1 has bagged its biggest polymerase chain reaction (PCR) test kits for COVID-19 deal to-date.
Yesterday (July 22), Pantasniaga Sdn Bhd, a 51% owned subsidiary of HS Bio Sdn Bhd (formerly known as HS Bio Supplies Sdn Bhd) which in turn is a wholly-owned subsidiary of Hong Seng received a letter of award from the Health Ministry (MOH) to supply PCR test kits worth RM112.32 mil.
This is the largest contract that Pantasniaga has received thus far after having secured a RM34.3 mil contract from MoH back in Feb 3.
The PCR test kits supply is intended for the Institute Medical Research and Public Health Laboratory of Kota Kinabalu. The one-year contract is expected to commence on July 26 and end on July 25, 2022.
Pantasniaga is in the business of provisioning of PCR test kits and test labs set up for government and medical agencies.
The company is also an authorised representative and distributor for BGI Genomics Co Ltd, which is the world’s leading provider of genomic sequencing services and proteomic services (serving customers in more than 66 countries).
Moreover, BGI also produces RT-PCR kits which are one of the most reliable and widely-used testing methods available globally.
“The latest contract is another testament to our strong commitment to enable safe and effective COVID-19 testing in Malaysia,” commented Hong Seng’s executive director Christopher Chan Hooi Guan.
“Previously, Pantasniaga has already performed and fulfilled a few supply contracts for the MOH and other Malaysian government agencies to supply PCR test kits in Peninsula Malaysia and Sabah to fight the virus outbreak.”
For the record, Hong Seng’s share price has been on a roll since beginning of this month by having jumped from 85.5 sen on July 1 to close at RM1.73 yesterday (up 21 sen or 13.82% which gives the company a market capitalisation of RM4.21 bil).
“This (the latest deal) is expected to contribute positively to the overall future earnings as well as the earnings per share of the group,” added Chan.
HS Bio is an integrated healthcare supplies company providing a comprehensive range of medical and healthcare products and services that encompasses other businesses aside from Pantasniaga.
They include Neogenix Laboratoire Sdn Bhd (a medical diagnostic and research laboratory); eMedAsia Sdn Bhd in partnership with the Malaysian Medical Association to operate eMedAsia.com (a platform which enables private clinics to digitalise primary healthcare services in Malaysia); Neogenix Sdn Bhd which provides online health registration of inbound travellers at immigration points of Johor through a web portal known as “JohorTravelSafe”; and HS Ligno Sdn Bhd (a joint venture with Ligno Holding Sdn Bhd to bring the Tiger Milk Mushroom, a Malaysian national treasure and its other functional mushrooms to the global market. – July 23, 2021
