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Hong Seng Unit Bags RM34m Contract to Supply Covid-19 Test Kits to IMR

KUALA LUMPUR (Feb 3): Hong Seng Consolidated Bhd’s unit has bagged a RM34.25 million contract to supply polymerase chain reaction (PCR) test kits for Covid-19 to the Institute for Medical Research (IMR).

The unit, Pantasniaga Sdn Bhd, is an authorised representative and distributor for BGI Genomics Co Ltd, which is a 51%-owned subsidiary of HS Bio Supplies Sdn Bhd, which in turn is a wholly-owned unit of Hong Seng.

The contract to supply the test kits to the Health Ministry’s institute commenced today and is to be completed by March 1, Hong Seng said in a filing to the stock exchange.

“There is no provision on renewal of the supply/service/work in the instruction letter,” the group said.

It added that the deal is expected to contribute positively to its earnings for the financial year ending March 31, 2021.

Hong Seng’s shares closed seven sen or 6.19% higher at RM1.20 today, valuing the group at RM623.94 million.

The little-known group saw its shares spike, after announcing its intention to manufacture rubber gloves, jumping 757% from 14 sen in mid-July last year.

Source : theedgemarkets.com/article