TWL Holdings Bhd (formerly Tiger Synergy Bhd) has inked a memorandum of agreement (MOA) with Tatra Investment LLC (TATRA) – a United Arab Emirates (UAE)-based company under the Al Ghurair family – to penetrate into the healthcare sector in Malaysia and Southeast Asia.
The strategic collaboration shall be undertaken via a joint-venture company Tatra TWL Medicare Sdn Bhd which is 50% owned by TWL and the balance by TATRA.
The joint venture involves the procurement, import, supply, distribution, research, development, production and commercialisation of medical, pharmaceutical and other healthcare related products in Malaysia and Southeast Asia.
TATRA has diverse operations globally in the Middle East, North Africa, Europe and North America. The Al Ghurair family is considered one of the richest families in UAE.
The MOA signing between TWL Holdings and TATRA in Dubai was witnessed by Malaysian Prime Minister Datuk Seri Ismail Sabri Yaakob.
TATRA will also invest in the Global Medical City in Terengganu Ecocycle Park to develop a Malaysia-UAE-China Diagnosis, Assessment, Prevention and Treatment Centre which also focus on “biomolecular diagnostic and natural drugs (non-chemical) for the Southeast Asia market with an estimated turnover circa US$8 bil (RM33.68 bil).
“The first phase of the collaboration will focus on the OXSED RaVid DIRECT SARS-CoV-2 Test and Circle Healthpod (RT-LAMP) product which uses RT-LAMP (Reverse Transcript Loop-Meditated Isothermal Amplification) technology as the COVID-19 detection key test tool,” explained TWL Holdings managing director Shirley Tan Lee Chin.
“It was developed jointly by Hong Kong-based Prenetics Ltd and leading research company, Oxsed, which is based at Oxford University, UK.”
The RT-LAMP test has been approved by the Malaysian Device Authority (MDA) with an aim of replacing the existing RT-PCR test as the primary test tool for COVID-19 detection in Malaysia.
“Currently, RT-LAMP is already being used at the UK’s Heathrow Airport, Hong Kong International Airport and Singapore Changi Airport via their respective travel facility and laboratory,” added Tan.
One of the main benefits of using the RT-LAMP technology is that the result can be obtained between 15 and 30 minutes as compared to the RT-PCR technology which is between four and six hours.
In addition, the virus detection process is also flexible with RT-LAMP as it could be done without a laboratory. The efficient cost of the product at below RM90 also makes it commercially viable to be implemented across different airports as part of the international travel process.
Aside from the first phase initiative, TWL Holdings and TATRA will also focus on other medical and health products to diagnose patients with cancer, AIDS, Alzheimer’s and others going forward.
At the close of today’s market trading, TWL Holdings was up 1 sen or 14.29% to 8 sen with 71.72 million shares traded, thus valuing the company at RM225 mil. – April 1, 2022
