Company records strong Q2 performance of RM16.30 million, exceeding industry expectations
Genetec Technology Berhad (Genetec or the Company), a technology leader in providing customised full turnkey smart factory automation manufacturing lines, today announced that the Company recorded profit after tax (PAT) of RM16.30 million for the second quarter ended 30 September 2021 (Q2FY2022), which is 515% higher than the PAT of RM2.65 million registered for the corresponding second quarter ended 30 September 2020 (Q2FY2021).
Genetec also announced their proposal of a bonus issue of 661,564,800 new ordinary shares in Genetec (“Bonus Shares”) on the basis of twelve (12) Bonus Shares for every one (1) existing ordinary share in Genetec (“Genetec Share” or “Share”) held on an entitlement date to be determined later (“Proposed Bonus Issue”). The Entitlement Date will be determined and announced at a later date upon receipt of all relevant approvals for the Proposed Bonus Issue. In addition, for purposes of clarity, the actual number of Bonus Shares to be issued will depend on the total number of issued Shares on the Entitlement Date and is not intended to be implemented on a staggered basis. Further and final details will be announced upon receipt of all relevant approvals soon.
Genetec registered RM17.59 million in profit before tax (“PBT”) for the quarter under review, which is 554% higher than the PBT of RM2.69 million recorded for Q2FY2021 while revenue of RM59.31 million is 53% higher than the RM38.67 million posted in Q2FY2021. Earnings per share stood at 31.25 sen (fully diluted) in Q2FY2022 compared to EPS of 6.18 sen in Q2FY2021.
For the first-half of the financial year ended 31 March 2022 (“1HFY2022”), the Company recorded 2884% higher PAT of RM24.50 million compared to the corresponding period of the previous financial year, when the Company posted PAT of RM821,000. PBT for 1HFY2022 stood at RM26.44 million, which is 2848% higher than the PBT of RM897,000 while revenue is 95% higher at RM99.59 million compared to RM51.10 million of the corresponding period of the previous financial year.
In their announcements the Company highlighted, “It has been an eventful year. Genetec’s bonus issue proposal is part of our efforts to enhance trading liquidity of the Genetec shares, following the recent share price appreciation, as well as to reward existing shareholders on the back of the strong performance of the EV and energy storage divisions. The strong performances have contributed significantly to overall revenue amid steady demand for more sustainable modes of transport and energy. We expect the order book for the EV division to remain significant and to continue contributing to Genetec’s financial performance in the coming quarters. As countries and companies step up their transition towards more sustainable and zero emission transport and energy solutions, we are confident that this growth trajectory will continue. It is well supported by the trifecta of global regulatory frameworks, new incentives to promote the adoption of EVs, and a fast-expanding range of EVs. Meanwhile, EV models are becoming more accessible as the ecosystem grows and battery costs drop further.”
“While we have a more positive outlook as the global economy reopens amid higher vaccination rates, we remain cautious of spikes in COVID-19 infections that may result in supply-chain disruptions and affect consumer sentiment.”
Blockpass, the pioneer of On-chain KYC(TM), is excited to announce its growing partnership with Seedify, the gateway to blockchain gaming. Seedify will be using Blockpass’ proprietary KYC solutions to provide a safe, secure and compliant ecosystem where gamers and gaming enthusiasts can enjoy the benefits of blockchain and cryptocurrency.
Seedify is a blockchain gaming-focused incubator and launchpad ecosystem which provides support and opportunities for innovators and project developers through access to funding, community and partnership building, and a complete support system to help drive the future of gaming and blockchain. The project is assisting gamers as they begin to explore new avenues, spending time on games and taking advantage of opportunities to earn in-game item NFTs and tokens. Through holding $SFUND, users are able to buy game tokens before they’re listed on the market, by participating in IGOs (initial game offerings) on the Seedify Launchpad.
Blockpass is a digital identity verification provider which provides a one-click compliance gateway to financial services and other regulated industries. Through Blockpass, users can create, store, and manage a data-secure digital identity that can be used for an entire ecosystem of services, token purchases and access to regulated industries. For businesses and merchants, Blockpass is a comprehensive KYC & AML SaaS that requires no integration and no setup cost. You can set up a service in minutes, test the service for free and start verifying and on-boarding users. Currently with more than 160,000 verified user identity profiles, Blockpass facilitates instant onboarding, and to date almost 5000 services have taken advantage of this opportunity to get access to users with reusable digital identity profiles.
“Seedify is a leader in the blockchain gaming industry and we were delighted to work with them to bring our compliance technology to that space,” said Adam Vaziri, Blockpass CEO. “By bringing seamless and efficient identity verification to gamers we hope to facilitate a safe and secure ecosystem where they can play and earn.”
“Blockpass’ compliance software provides a vital solution, ensuring ease of use, along with a safe and secure KYC process,” noted Levent Cem Aydan, Founder and CEO – Seedify. “This gives us the ability to seamlessly and efficiently onboard new users, maintaining the integrity of our platform and giving our community confidence that their private data is protected.”
Blockpass has grown significantly in size and use since its inception, both in the number and range of users and organizations it has partnered with and the scope of its work. Blockpass continues to develop its digital identity protocol with updates and additions to improve the compliance experience. The existential need for DeFi projects to be regulatory compliant and the recent integrations have led to a surge in interest for Blockpass’ On-chain KYC(TM) solution. Through its recent work with Animoca Brands, Blockpass is developing the ability to provide KYC where the delivery of the verification result is provably sent and shown on a blockchain without sharing the underlying data. This represents a significant step towards the future Blockpass hopes to bring about where identity verification can be proved without revealing any personal information at all.
About Blockpass Blockpass, the pioneer of On-chain KYC(TM), is a fast, fully comprehensive KYC & AML screening software-as-a-service for blockchains, Crypto, Defi and other regulated industries. With Blockpass, you get an unmatched set of benefits for any compliance service that includes pay-as-you-go, no setup cost, no integration necessary, free testing, immediate launch and at the lowest cost. Blockpass’ KYC Connect(TM) platform enables businesses to select requirements for customer onboarding that can include ID authentication, face-matching, address checking, AML ongoing monitoring and/or screening of sanctions lists, politically exposed persons (PEP), and adverse media. Through Blockpass, end-users easily create a verified portable identity that they can control and re-use to onboard with any service instantly. By integrating with Chainlink Network – a decentralized oracle solution – in early January, Blockpass introduced the first On-chain KYC(TM) solution that will service many blockchains in the years to come. The Blockpass App is available from the App Store and Google Play.
About Seedify Seedify is a blockchain gaming-focused incubator and launchpad ecosystem, empowering innovators and project developers through access to funding, community and partnership building and a full support system to help drive the future of gaming and blockchain.
The 8th China-Central Asia Cooperation Forum was concluded in Lanzhou, capital of Northwest China’s Gansu Province on October 17, and a joint initiative was released, aiming at more profound and practical openness and cooperation among participators.
With “Strengthen Solidarity and Cooperation for Building a Community of Security and Development” as its theme, the forum was co-hosted by the Good-Neighborliness, Friendship and Cooperation Committee of the Shanghai Cooperation Organization (SCO) and the People’s Government of Gansu Province.
The Forum included four sub-forums covering topics including “China-Central Asia cooperation on China’s BDS” and “green development.” A themed exhibit on China’s BeiDou Navigation Satellite System (BDS), which can provide customized services according to the needs of different countries and industries, was also held during the event.
Representatives from China and Central Asian countries including Kazakhstan, Tajikistan, Kyrgyzstan, Turkmenistan, and Uzbekistan, as well as international organizations, attended the forum online and in person.
Secretary-General of the SCO Vladimir Norov said the China-Central Asia Cooperation Forum is an authoritative platform for extensive exchanges between China and Central Asian countries. It helps strengthen political interaction, and deepens the relationship between all parties in ensuring regional security, and in responding to current challenges and threats. It also promotes a mutually beneficial cooperation, especially with regards to economy and trade.
“Under these conditions, cooperation in the health sector remains a priority. We propose to put environmental protection at the top of the agenda. We have actively participated in the development of the global agenda for sustainable development until 2030, and intend to achieve carbon neutrality by 2060,” said Alikhan Smailov, First Deputy Prime Minister of Kazakhstan.
Tajikistan’s ambassador to China Saidzoda Zohir pointed out that despite the various challenges of the new era, China’s economy continues to grow, and this will have a positive impact on the joint construction of a healthy, green and digital Silk Road. The volume of Chinese investment and bilateral trade with Central Asian countries has been growing steadily for two decades in a row.
The volume of accumulated direct Chinese investments in five countries of the region amounted to about $15 billion in 2020. “A new stage in the advancement of the Belt and Road may be the alignment “point” of China’s development programs with the national strategies of the Central Asian countries,” Saidzoda Zohir added.
Collaboration includes establishing battery-swapping platform and participation in MNAE’s growth
Ni Hsin EV Tech Sdn Bhd, a wholly-owned subsidiary of Main Market-listed Ni Hsin Group Berhad (formerly known as Ni Hsin Resources Berhad) (Ni Hsin), today entered into a Heads of Agreement (HOA) with MNA Energy Sdn Bhd (MNAE) to develop battery technology for electric motorcycles (EV Two Wheelers) as well as participate in the business and growth of MNAE.
Mr. Khoo Chee Kong, Managing Director of Ni Hsin Group Berhad; Encik Muhammad Syukri Ibrahim, Principal Private Secretary to the MOSTI Minister; Encik Syed Faisal Algadrie, Managing Director and CEO of MNA Research Sdn Bhd [L-R]
MNAE was established in 2016 and has been awarded research grants by the Ministry of Science, Technology and Innovation (MOSTI) for the development of next-generation battery technology. MNAE produces battery energy storage systems for electric mobility and stationary applications such as telecommunications towers and solar energy farms. It is pioneering Electric Mobility-as-a-Service (EMaaS) in Malaysia, by developing SmartSwap – a game-changing turnkey solution for a battery swapping infrastructure for Electric Motorcycles.
The HOA signing was witnessed by Encik Muhammad Syukri Ibrahim, the Principal Private Secretary to the MOSTI Minister.
Khoo Chee Kong, Managing Director of Ni Hsin EV Tech Sdn Bhd, said: “We see EV Two Wheelers leading the adoption of alternative power sources that can reduce carbon footprint and transition towards a greener economy. We are developing, in collaboration with MNAE, an advanced battery system and a standardised battery swapping infrastructure for EV Two Wheelers that will be convenient to riders who can easily swap their depleted batteries with fully-charged ones at stations that we are setting up. We believe this will boost the use of EV Two Wheelers in urban areas”.
“Our collaboration with MNAE complements our venture into the e-mobility business as battery systems are critical to EV Two Wheelers that we are developing in a collaboration with Dongguan Tailing Electric Vehicle Co., Ltd. We are now working towards getting the Vehicle Type Approval (VTA) permit from the Road Transport Department for these EV Two Wheelers as the VTA is important for MNAE’s SmartSwap programme”.
The battery swapping system developed by MNAE will feature battery tracking and management via cloud-connected network through which the battery’s lifespan can be monitored. The system can be compared to the one launched by Gogoro, the Taiwanese battery-swapping refueling platform for urban EV Two Wheelers.
Khoo added, “Our collaboration with MNAE is also about supporting local capabilities in the development of green technology while promoting sustainability in line with our environmental, social and governance responsibilities. This is also in line with Malaysia’s drive to encourage electric vehicle ownership and development of related infrastructure in the country”.
The EV ecosystem is supported by Malaysia’s National Automotive Policy, in which there are specific initiatives to strengthen the ecosystem. According to Dato’ Seri Mohamed Azmin, Minister of International Trade and Industry in his winding-up speech for the 12th Malaysia Plan, these initiatives include critical parts manufacturers, standard setting as well as research and development leading to commercialisation of local EV technologies.
Malaysians will soon be able to order healthier breads and food products from Starbucks Malaysia, Kenny Rogers and 7-Eleven stores under a collaboration between Berjaya Corporation Bhd (Berjaya) and homegrown natural foods specialist Holista Colltech Ltd. (Holista).
Australian Securities Exchange-listed Holista, headquartered in Petaling Jaya, announced today that it has entered into an agreement with Country Farms Sdn Bhd (“Country Farms”), a Berjaya subsidiary that produces and supplies organic and healthy food for the Bursa-listed Berjaya Group.
Berjaya operates the Malaysian franchises of Starbucks (320 outlets) and Kenny Rogers Roasters (73 outlets) as well as the 7-Eleven chain of convenience stores (2,400 outlets). It also owns the Cosway international network marketing arm which has 396 outlets in Malaysia and 559 outlets globally.
Under the agreement, Country Farms will hold exclusive rights for Holista’s low-glycaemic index (“low-GI”) pre-mix for flour products, sugar reduction technology, plant-based meat products and dietary supplements for markets where Berjaya or its associates operate in.
Country Farms already owns the rights in Malaysia for the plant-based range of Beyond Meat. It will serve as the distribution for Holista’s products to the Berjaya Group which also operates a range of vegan shops in Malaysia.
Holista has commenced work to develop a range of low-GI white sandwich rolls, croissants, and ciabatta for Starbucks outlets in Malaysia. The country has one of the highest incidents of diabetes and obesity in the world, which experts believe is largely caused by diet.
Holista has developed a scientifically verified white bread roll with a GI reading of 46 (compared to 70 for most white breads). High-GI foods are digested and absorbed quickly, resulting in spikes in blood sugar levels. By contrast, low-GI foods help reduce and slow the rise in blood sugar.
“We are thrilled to collaborate with Holista Colltech in developing and eventually launching a range of science-based everyday food and diet solutions to consumers. We will make healthy keto-dietary alternatives accessible to the masses in a more affordable way,” said Mr. Louis Kho, CEO of Berjaya’s Global Consumer Product Markets and Managing Director of Country Farms.
“I’m especially excited about this meaningful endeavour to empower more consumers as they seek out the nutritional benefits and better-for-you options that will inspire positive choices for both people and planet,” he added.
“Holista is excited to partner Berjaya Group to offer Malaysians a range of healthy foods. Malaysians are increasingly conscious about the origins and contents of what they consume. This partnership with Country Farms addresses this need as we will source and develop only natural foods which have been proven to improve human health,” said Holista’s Founder and CEO Dato’ Rajen Manicka.
About Holista Colltech Limited Holista Colltech Ltd (“Holista”) is an innovator in health and wellness solutions based in Sydney, Australia. It is listed on the Australian Securities Exchange (ASX:HCT).
Holista’s core business divisions are Dietary Supplements, Healthy Food Ingredients, Ovine Collagen and Infection Control Solutions. The suite of health and food related solutions combines the best of nature and science is to address the evolving needs so that people can live better and healthier lives.
Key products include one of the market-leading and best-selling health supplements, low-GI food ingredients used by leading food manufacturers, disease-free and medical grade ovine collagen, all-natural, non-toxic and effective sanitisers for consumers and industrial applications.
Over the years, Holista has successfully developed and patented world-leading technologies in the field of Global Health and Wellness Industry and has a vast customer base in Asia, Australia and USA. Holista is passionate to combine economic success with enriching lives for a sustainable future.
StraitsX, Southeast Asia’s pioneering digital assets platform developed by Xfers, a Singapore-based FinTech licensed by the Monetary Authority of Singapore (MAS) for e-money issuance, today announced that it has surpassed the SGD 2 billion mark in digital assets-related transactions on its payment platform in 2021 alone.
Aymeric Salley, Head of StraitsX, said, “The growth in transactions shows that investors are increasingly exploring digital assets as an alternative form of investment that offers liquidity and returns. Meanwhile, central banks around the world are examining the potential benefits of digital and decentralised financial systems. Recently, we have been shortlisted in the MAS Global CBDC Challenge together with our partner SEBA Bank to explore innovative retail CBDC solutions to enhance payment efficiencies, and we intend to intensify our efforts working hand-in-hand with both regulators and digital assets market participants to enable such transformation.”
Rebranding and Transformation for better user experience Adding on to this announcement is the unveiling of StraitsX’s new platform and identity. The new StraitsX platform features a redesigned and streamlined user interface to enable faster and more efficient navigation. The StraitsX platform enables individual users to transfer, mint and redeem XSGD with a connected bank account, in addition to spending their XSGD with various digital asset platforms. Businesses can also leverage APIs to collect, disburse and reconcile funds from their end-users. StraitsX currently supports over 10 digital asset platforms in Singapore through its API solution.
“With the increase of user adoption towards access to digital assets, we feel that we can better serve this market by separating StraitsX as a standalone brand dedicated to accelerating access to digital assets in Southeast Asia. This brand update aims to improve user experience and better communicate our mission to bring access to digital assets in Southeast Asia,” said Salley.
The new StraitsX brand logo depicts a strait, which is defined as a narrow passage of water connecting two bodies of water. Similar to a strait, StraitsX aims to connect the existing fiat-based financial system to a blockchain-based financial system, through its services and the StraitsX stablecoins. Along with this, StraitsX has also introduced a new token logo for XSGD, which features a simplified design to optimise for better readability. The equal borders at the top and the bottom represent XSGD’s one for one parity with the Singapore dollar.
In October 2020, StraitsX launched Southeast Asia’s first stablecoin – the StraitsX Singapore Dollar (XSGD), a digital token available on the Ethereum and Zilliqa blockchain that is backed one-for-one by the Singapore dollar. XSGD is supported on various digital asset platforms including decentralised finance applications such as Zilswap, Uniswap and DFX finance. As of September 2021, XSGD crossed over 1.5 billion SGD in on-chain transaction value.
Salley added, “At StraitsX, we strive to enable and accelerate access to digital assets in Asia and beyond. With the help of our valuable partners, we have seen tremendous growth in digital asset-related transactions and the adoption of XSGD. We hope to continue to bring value to our users in Southeast Asia through the StraitsX platform and the StraitsX stablecoins.”
About StraitsX by Xfers StraitsX is the pioneering payments infrastructure for the digital assets space in Southeast Asia developed by Singapore-based FinTech Xfers Pte. Ltd, a Major Payment Institution licensed by the Monetary Authority of Singapore for e-money issuance. StraitsX offers personal and business accounts to deposit, hold and withdraw funds as well as to connect accounts to digital asset platforms. Business accounts can also access B2B API-enabled payments rails for digital asset platforms and issues the Singapore Dollar-backed stablecoin, XSGD. For more information, please visit straitsx.com.
ForQaly Medical (hereinafter referred to as ForQaly), located in Shanghai Zhangjiang International Medical Zone, is a leading high-tech company focused on developing micro-traumatic circulatory assistant devices. Recently, it completed its Series B fundraising led by Legend Capital, followed by CD Capital, SAIF Partners, Chengwei Chuangban and Co-win Ventures. Existing investors Lilly Asia Ventures and Kaitai Capital also participated in the funding round.
This round of financing will be applied to promote the clinical research of ForQaly’s existing products, so that the transvalvular ventricular assist devices (VAD) could be affordable for patients with urgent needs as early as possible. On the other hand, the capital will go for the expansion of ForQaly’s research team to accelerate the parallel development of products, so that potential comprehensive solutions could be provided for high-risk PCI intraoperative protection and cardiogenic shock treatment.
Mr. Tang Zhirong, the founder of ForQaly, said: “For the past years, the clinical applications of the transvalvular VAD was uncommon in China. ForQaly, as a domestic pioneer in the field, will make full use of its resources to support pre-clinical training and ensure the quality of product clinical research, so as to collect reliable and evidence-based medicine data.”
Joe Zhou, the Managing Director of Legend Capital, said: “VAD, especially the interventional one, has a huge market prospect in China. ForQaly’s senior management team represented by Mr. Tang has dedicated and hardly-worked in this field for nearly 6 years with leading products launched both at home and abroad. We are glad to partner with ForQaly Medical and will establish a long-term cooperation with the company.
Legend Capital has long focused on its investment in medical devices and diagnostics, among which many portfolio companies have successfully went public at home and abroad, such as KingMed Diagnostics (603882.SH), Berry Genomics (000710.SZ), EasyDiagnosis (002932.SZ), Axonics (AXNX), CareRay Digital Medical (688607.SH), New Horizon Health (06606.HK), Singular Genomics (NASDAQ: OMIC), etc. In addition, Legend Capital has invested in a lot of leading companies in subdivisions of this field, such as Puyi Biotechnology, Reliable Med, StarSportMed, Genext, ET Healthcare, GKHT Medical Technology, GensKey, Best Brain Health, Bioheart, HeMo, Shanghai Aohua and Berry Oncology.
DANA adds mobile phone screen protection in DANA Siaga feature through its latest partnership with Igloo.
Igloo’s partnership with DANA comes on the heels of its recent partnership with Philippines’ leading e-wallet provider, GCash
New phone screen protection insurance aims to protect DANA’s over 80 million mobile phone users from as low as Rp500 and covers up to a maximum of Rp200,000.
Mobile phones have become more critical for business and lifestyles in Indonesia. High rate of smartphone ownership at 2% and welcomed 21 million new online shoppers since the start of the pandemic.
DANA and Igloo’s partnership aims to participate and support the National Strategy for Financial Inclusion (SNKI).
Underwritten by PT Jasa Asuransi Indonesia-Jasindo and distributed by PT Insco Multi Pratama, plans start from as low as Rp500 and cover up to a maximum of Rp200,000 for cracked phone screens on both new and used mobile phones. To activate the protection, users can navigate to “DANA Siaga” in the DANA app to select a plan that suits their lifestyle or select the add-on when completing their purchase of mobile recharge.
Together with Igloo, DANA has introduced a digital solution for mobile phone screen protection for avid mobile users in Indonesia who want hassle-free and easy claims management for insurance solutions.
“As a lifestyle-based digital wallet application, DANA offers a one-stop solution to accommodate the various characteristics and needs of its users all across Indonesia. It includes expanding collaboration and partnerships with Igloo to protect users’ phones, and their mobile-based activities are hassle-free. Moreover, the need for microinsurance is in high demand. Based on the Financial Services Authority (OJK) data alone, the development of microinsurance as of June 2019 already has 22.1 million policyholders or participants. Therefore, we warmly welcome this partnership to continue to encourage the advancement of insurance in Indonesia and increase financial inclusion,” said Vince Iswara, CEO & Co-Founder of DANA.
The new protection aligns with DANA’s commitment to continuously updating and improving the user experience in digital transactions through the DANA app to reach more users throughout the nation.
DANA has seen growth during the pandemic, with the number of transactions increased by 151% YOY. Referring to data from App Annie – a provider of application analytics and application market data – DANA was the only finance app amongst the Top 10 most downloaded apps in Indonesia across all categories in Q2 2021. It also ranks first in the financial apps category for most downloads (iOS and Android) in Indonesia in Q22021.
According to the ‘Southeast Asia (SEA), the home for digital transformation’ report, Indonesia has seen the strongest growth in the region (21 million, equivalent to a 15% growth) with high smartphone ownership (98.2% in Jan 2021). Mobile phones have been a critical tool for merchants and gig workers who run their businesses and become an integral part of consumer’s social life.
“Dana has played a pivotal role in driving digital adoption of financial services amongst the Indonesian customers. This trend has been accelerated due to the pandemic with increasing reliance on cashless payments from utility payments to investments. Igloo is proud to collaborate with Dana to extend its digital solution of micro insurance portfolio to Dana consumers in an intuitive and affordable fashion.” said Raunak Mehta, Igloo Chief Commercial Manager.
This initiative marks Igloo’s second partnership with a mobile wallet brand after GCash, in the region, strengthening its presence to provide affordable and accessible insurance for the masses by working with partners from diverse verticals. Igloo had secured partnerships with industries that range across e-commerce, logistics, automobiles, transportation, telecommunication, banking, travel and hospitality and the gig economy. In Indonesia, aside from DANA, Igloo has partnered with the country’s largest e-logistics platforms, Ritase, e-commerce company, Bukalapak, home and business appliances solution provider, Modena, and freight logistics marketplace, Kargo Technologies. Regionally, Igloo also works with food delivery company, foodpanda, SEA’s leading e-commerce platform, Shopee, on-demand and SEA’s fastest-growing hotel management platform RedDoorz.
About DANA DANA is a digital wallet service by PT Espay Debit Indonesia Koe, an Indonesian startup company in the financial technology sector paving the way towards an advanced infrastructure which makes it possible to complete payments and transactions without cash, without card. Born and raised in Indonesia, DANA takes pride in its local creative talents and programmers who have tirelessly worked to build and develop DANA from the ground up. In addition to its availability on iOS and Android, DANA is integrated with various merchants and renowned applications as payment solution, both online and offline. #DANASahabatUMKM reflects DANA’s initiative to support the digitalization of Indonesian micro, small, and medium enterprises (MSMEs) through the platform DANA Bisnis.
About Igloo Igloo, previously known as “Axinan”, is the first full-stack insurtech firm to emerge from Singapore. It has offices in Singapore, Indonesia, Thailand, the Philippines, and Vietnam, and tech centres are located in China. With a mission of making insurance accessible for all, the firm leverages big data, real-time risk assessment, and end-to-end automated claims management to create B2B2C insurance solutions for platform companies and insurance companies. Solutions for digital insurance developed by Igloo enable companies to eliminate their exposure to operational risk, create new revenue streams, and optimize and enhance existing products and services. In April 2020, Igloo successfully closed its Series A+ funding round worth US$8.2 million, bringing its total funding to US$16 million from global investors.
Igloo is led by a core team that comprises top talent from the technology and insurance industries hailing from global corporations including Facebook, Grab, Flipkart, Garena, Manulife, Shopee, Yahoo! and Zalora. For more information, please visit https://www.iglooinsure.com/
Focus Financial Partners Inc. (NASDAQ: FOCS) (Focus), a leading partnership of independent, fiduciary wealth management firms, announced today that Trident Financial Planning Limited (Trident) has been acquired by Connectus Wealth Advisers (Connectus).
Trident is a boutique chartered financial planning and wealth management firm headquartered in Berkshire, England with a satellite office in East Lothian, Scotland. Founded in 2010 by Vincent Reeves, Duncan Forbes and Andrew Wagstaff, Trident provides customized wealth management and financial planning advice to individuals and families throughout the United Kingdom. Through a high touch, personalized service model for clients across all phases of their financial lives, Trident has established long-standing and loyal multi-generational relationships.
“We are very excited to announce our partnership with Connectus,” said Vincent Reeves, Founder and Director of Trident. “This is the next step in the evolution of our firm, and we are pleased to be gaining a strategic partner who appreciates our entrepreneurial and client-centric mindset. Similarly, we look forward to gaining access to the collaborative community and resources Connectus offers to support our growth and our long-term succession plan.”
“We are thrilled to welcome Trident as the second firm to join Connectus in the United Kingdom following Connectus’ initial entry into this market earlier this year,” said Rajini Kodialam, Co-Founder and Chief Operating Officer of Focus. “Joining Connectus will enable the Trident team to broaden their capabilities and access a consortium of like-minded advisers while they maintain autonomy over their client relationships. Connectus’ unique value proposition has allowed us to sustain strong momentum in the United Kingdom. By providing advisors with the technology and tools to efficiently deliver an exceptional client experience, while also giving them the resources to achieve substantial operating efficiencies, Connectus remains highly differentiated in the wealth management market globally.”
About Focus Financial Partners Inc. Focus Financial Partners Inc. is a leading partnership of independent, fiduciary wealth management firms. Focus provides access to best practices, resources, and continuity planning for its partner firms who serve individuals, families, employers and institutions with comprehensive wealth management services. Focus partner firms maintain their operational independence, while they benefit from the synergies, scale, economics and best practices offered by Focus to achieve their business objectives. For more information about Focus, please visit www.focusfinancialpartners.com.
About Connectus Wealth Advisers Connectus is a global consortium of client-centric advisers that deliver comprehensive wealth management advice through access to expanded services, shared resources and best practices. Connectus exemplifies the spirit of partnership and collaboration yet celebrates the entrepreneurial mind-set of its advisers. Connectus is designed for founders and teams who want to continue to manage their client relationships and maintain their boutique cultures, while gaining the operational efficiencies of shared infrastructure and access to expanded client service capabilities.
Through Focus, Connectus advisers gain a strategic growth partner with specialized expertise. They benefit from Focus’ scale and extensive network, continuity planning, insights and best practices. Focus is also a source of permanent capital to accelerate growth and enhance business and client outcomes. For more information, please visit www.connectuswealth.com.
Cautionary Note Concerning Forward-Looking Statements This release contains certain forward-looking statements that reflect Focus’ current views with respect to certain current and future events. These forward-looking statements are and will be, subject to many risks, uncertainties and factors relating to Focus’ operations and business environment, including, without limitation, uncertainty surrounding the current COVID-19 pandemic, which may cause future events to be materially different from these forward-looking statements or anything implied therein. Any forward-looking statements in this release are based upon information available to Focus on the date of this release. Focus does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could affect Focus may be found in Focus’ filings with the Securities and Exchange Commission.
Investor and Media Contacts Tina Madon Senior Vice President Head of Investor Relations & Corporate Communications Focus Financial Partners P: +1-646-813-2909 tmadon@focuspartners.com
Charlie Arestia Vice President Investor Relations & Corporate Communications Focus Financial Partners P: +1-646-560-3999 carestia@focuspartners.com
Aoxin Q & M acquires a stake in Acumen Diagnostics, one of the leading homegrown medical diagnostics and technology companies in Singapore
With Q & M holding a majority 51% stake in Acumen Diagnostics, the acquisition, upon completion, raises Q & M’s total effective ownership in Acumen Diagnostics to 67.15%, based on Q & M’s 32.95% equity stake in Aoxin Q & M
Acquisition will be immediately profit accretive; presents opportunity to assist in providing an essential capability to Singapore in this next phase of tackling the COVID-19 pandemic, as the availability of good quality test kits and testing services will be an important cog in the national response to treating and living with COVID-19
Aoxin Q & M Dental Group Ltd (SGX: 1D4.SI) (Aoxin Q & M) and Q & M Dental Group (Singapore) Limited (SGX: QC7.SI) (Q & M), announced today that Aoxin Q & M will acquire 49% of Acumen Diagnostics Pte. Ltd. (Acumen Diagnostics) for a consideration of S$29.4 million. Acumen Diagnostics has a preliminary valuation of S$60 million.
Diagram 1: Shareholdings upon completion of acquisition of Acumen Diagnostics by Aoxin Q & M
Acquisition & Valuation Aoxin Q & M has entered into a conditional sale and purchase deed with Acumen Diagnostics’ shareholders, Dr Ong Siew Hwa and Acumen Holdings Pte. Ltd., to acquire their 49% shareholding in Acumen Diagnostics.
The preliminary valuation of Acumen Diagnostics (upon completion of a restructuring exercise involving Acumen Research Laboratories Pte. Ltd.) is S$60 million, derived based on the latest financial statements of Acumen Diagnostics, taking into account the earnings and growth prospects of its business.
The purchase consideration for the shares is S$29.4 million, to be satisfied by way of the allotment and issuance of new ordinary shares in the capital of Aoxin Q & M at an issue price of S$0.231 per share, credited as fully paid-up shares in the capital of Aoxin Q & M which will rank pari passu in all respects with the existing shares in the capital of Aoxin Q & M.
Upon completion of the acquisition, Aoxin Q & M will directly hold 49% of Acumen Diagnostics, with Q & M holding the balance of 51%. Q & M’s total effective ownership of Acumen Diagnostics will thus amount to 67.15%, based on its 32.95% equity stake in Aoxin Q & M. See diagram 1 below.
Rationale of Acquisition & Valuation The acquisition and integration of the Acumen Diagnostics business into Aoxin Q & M is timely and strategic, allowing Aoxin Q & M to enter the medical diagnostics business in Singapore and capture a significant portion of the testing capacity market in conducting frequent and widespread testing, in support of Singapore’s national COVID-19 strategy.
The proposed acquisition would also improve the profitability of Aoxin Q & M through the sharing of profits and improve the cashflow position of Aoxin Q & M as and when Acumen Diagnostics declares dividends down the line. Over time, Aoxin Q & M will benefit from potential commercial, operational and costs synergies between itself and Acumen Diagnostics. The Board of Directors of Aoxin Q & M believes that the proposed acquisition will enhance the long-term interests of Aoxin Q & M and its shareholders.
With over 80% of the population now vaccinated, Singapore is moving towards a “living with COVID-19” strategy or treating COVID-19 as an “endemic” disease. In a live address in May 2021, the Prime Minister, Lee Hsien Loong, laid out the government’s three-pronged strategy of “vaccination, contact-tracing and testing” as the country starts to reopen.
Mr. Ryan San, Deputy Chief Executive Officer of Aoxin Q & M, said “Learning to live with COVID-19 in the new “normal” requires a deliberate and rapid response from both the public and private sector. We believe this acquisition is an important and strategic one for Aoxin Q & M as the availability of good quality performing test kits and testing services will be an important cog in the overall national response to treating and living with COVID-19. While the acquisition will be immediately profit accretive, we see this as a fantastic opportunity to assist in providing an essential capability to Singapore in this next phase of tackling the COVID-19 pandemic.”
Dr Ng Chin Siau, Chief Executive Officer of Q & M said, “Strategic business development is a top priority for Q & M as we look to drive sustainable growth and further bolster and balance our pipeline with innovations and businesses that contribute to our responses to the global COVID-19 pandemic. Q & M supports this transaction, and this transaction is likely to be beneficial to Q & M and its shareholders and financially strengthen Q & M and Aoxin Q & M in the mid and long term.”
“Acumen Diagnostics’ innovative products and capabilities have yielded exciting growth that complements and strengthens our company’s overall portfolio and pipeline and holds the potential to build upon our proud legacy in the healthcare sector. To date, it is able to handle 7,000 COVID-19 tests daily and has the ability to ramp up for more tests, if called upon by Health Promotion Board (“HPB”) or Ministry of Health (“MOH”).” added Dr Ng.
Dr Ong Siew Hwa, Chief Executive Officer & Chief Scientist, Acumen Diagnostics said, “We are very excited about joining the Aoxin Q & M family and the new growth opportunities both in Singapore and China, that this acquisition will present. Our technical capabilities and infrastructure in molecular diagnostics, spanning R&D, manufacturing, clinical laboratory testing, positions us well to create value in the generation of both new patent assets and, revenues, through the sales of test kits and provision of testing services.”
Acumen Diagnostics will continue to operate independently post acquisition, driving forward a continued focus on its mission, employees, stakeholders, and community. Acumen Diagnostics will continue to be led by Dr Ong Siew Hwa and her team who will provide their unique expertise and technical know-how to manage the business. In the near term, Acumen Diagnostics will roll out in its clinical testing laboratory a pipeline of new tests, including PCR assays for dengue, sepsis and, identification of bacterial pathogens and their associated antibiotics resistance in pneumonia and bloodstream infections. Its longer-term plans include development of vaccines.
This press release is to read in conjunction with the SGXNET announcements dated 4 October 2021.
About Acumen Diagnostics Pte. Ltd. Acumen Diagnostics Pte. Ltd. (“Acumen Diagnostics”) is a Singapore-grown, award-winning medical technology company. It is fully integrated with functions in research and development, manufacturing, as well as commercialisation of molecular diagnostics by distribution as well as conducting clinical laboratory testing services for (including but not limited to) infectious diseases, cancer, and COVID-19. It has also actively established frontline services such as COVID-19 on-site swabbing operations. For more information, please visit the company website at www.acumen-research.com.
About Aoxin Q & M Dental Group Limited (Stock Code: 1D4.SI) Aoxin Q & M Dental Group Limited (“Aoxin Q & M” or together with its subsidiaries, the “Group”) is a leading provider of private dental services in the Liaoning Province, Northern People’s Republic of China (“PRC”). The Group operates 16 dental centres, comprising 10 dental polyclinics and 6 dental hospitals, located across 8 cities in Liaoning Province, namely Shenyang, Huludao, Panjin, Gaizhou, Zhuanghe, Jinzhou, Dalian and Anshan. We currently have 400 dental professionals, including 170 dentists, 180 dental surgery assistants and 50 laboratory technicians. A majority of the dental centres are accredited as Designated Medical Institutions of Medical Insurance. Additionally, the Group is engaged in the provision of dental laboratory services, as well as the distribution and sale of dental equipment and supplies in the Liaoning, Heilongjiang and Jilin Provinces in Northern PRC.
Aoxin Q & M was listed on the Catalist board of the Singapore Exchange Securities Trading Limited on 26 April 2017. For more information, please visit the company website at www.aoxinqm.com.sg.
About Q & M Dental Group (Singapore) Limited (QC7.SI) Q & M Dental Group (Singapore) Limited (“Q & M” or together with its subsidiaries, the “Group”) is a leading private dental healthcare group in Asia.
The Group owns the largest network of private dental outlets in Singapore, operating 87 dental outlets across the country. Underpinned by about 230 experienced dentists and more than 350 supporting staff, the Group sees an average of 40,000 patient visits a month in Singapore. The Group also operates 5 medical clinics and a dental supplies and equipment distribution company.
Outside of Singapore, the Group has 37 dental clinics and a dental supplies and equipment distribution company in Malaysia, as well as a dental clinic in the People’s Republic of China (“PRC”). Q & M is also the substantial shareholder of Aoxin Q & M Dental Group Limited, a dental Group listed on the Catalist board of the Singapore Exchange, which operates dental clinics and hospitals primarily in the North-eastern region of the PRC. The Group aims to expand its operations geographically and vertically through the value chain in Malaysia, the PRC and within ASEAN.
In 2018, the Group made inroads into the development of advanced technology in healthcare with the establishment of EM2AI Pte. Ltd. (“EM2AI”, formerly known as Q & M Dental AI Pte. Ltd.). EM2AI focuses on developing AI-powered solutions in diagnosis and treatment planning.
In 2019, the Group expanded into dental postgraduate education with the establishment of the Q & M College of Dentistry. It offers Singapore’s first private postgraduate diploma programme in clinical dentistry.
In 2020, the Group also expanded into the medical laboratories and research industry with the incorporation of Acumen Diagnostics Pte. Ltd. (“Acumen Diagnostics”). Acumen Diagnostics currently focuses on the manufacture, sale and distribution of COVID-19 diagnostic test kits, as well as COVID-19 testing.
The Group was listed on the Mainboard of the Singapore Exchange Securities Trading Limited (“SGX- ST”) on 26 November 2009. For further information on the Group, please visit www.QandMDental.com.sg
