CORP BRIEF: MGRC, Paragon Globe, Velesto and FMM

MGRC signs private label contract with Eostre

MALAYSIAN Genomics Resources Centre Bhd (MGRC) entered into a RM7 million deal with Eostre Bhd for the development of private label wellness products. In a filing to Bursa, the company said Eostre will market and sell the customised genetic screening tests and other healthcare products, developed with MGRC’s proprietary expertise in research, design and development, through its direct marketing network. The agreement, for MGRC to provide its intellectual property and function as Eostre’s science and technology collaborator, is for an initial term of one year with automatic renewal every year, it said yesterday in a filing to Bursa Malaysia.

Paragon Globe aims to raise RM56m in share issuance

PARAGON Globe Bhd (PGB) has announced it will propose to undertake a renounceable rights issue of new ordinary shares in its company to raise proceeds of up to RM56 million. In a filing to Bursa Malaysia yesterday, the property developer said the proceeds will go towards a partial settlement for the acquisition of freehold land in Johor within three months by its subsidiary, Paragon Globe Properties Sdn Bhd, and the construction of a medical centre within 12 months. Wholly owned subsidiary of PGB Buildtech Acres Sdn Bhd had previously received approval from the Ministry of Health to build and operate the medical centre on July 15, 2019.

Velesto bags drilling services project from Sarawak Shell

VELESTO Energy Bhd has bagged a contract worth US$17.68 million (RM73.04 million) from Sarawak Shell Bhd for the provision of jack-up drilling services. In a filing to Bursa Malaysia yesterday, the group said the job was awarded to Velesto Drilling Sdn Bhd, a wholly-owned subsidiary of Velesto Malaysian Ventures Sdn Bhd. The group added that it will assign its NAGA 4 for this contract to drill seven firm wells with expected commencement date between Aug 15, 2021, and Oct 15, 2021. Velesto said the contract is expected to contribute positively to its earnings and net assets for the financial period ending Dec 31, 2021.

Govt urged to lift foreign workers’ recruitment freeze

THE Federation of Malaysian Manufacturers (FMM) has appealed for the government to lift the freeze on the recruitment of foreign workers for the sector to support the pick-up in business and assist the industry’s recovery as orders and production are gaining momentum. In a statement yesterday, FMM said while manufacturers continue to be cautious with their outlook, there are indications of improvement. It added that sustaining operations in the past year had indeed been challenging for many.