PETALING JAYA: Hong Seng Consolidated Bhd has entered into a heads of agreement (HoA) to buy a 51% stake in Pow Pocket Sdn Bhd for RM200mil. Hong Seng said the RM200mil for a 51% stake in Pow Pocket will be satisfied via the issuance of new ordinary shares in HS Bio, subject to Pow Pocket achieving a profit after tax of RM400mil within 12 months from the completion of a definitive agreement. Pow Pocket is currently operating Jengu, which is a web-based digital health engine for Covid-19 screening, vaccination, and digital health. Hong Seng said the proposed acquisition would enable HS Bio to be the main digital healthcare platform to revolutionise private healthcare in Malaysia through the combined capabilities of both HS Bio and Pow Pocket. During the signing ceremony at Mandarin Oriental Kuala Lumpur hotel, Pow Pocket also unveiled a national private vaccination programme called Immunise.

Source: The Star October 09, 2021 00:33 UTC