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.

       The group, formerly known as MSCM Holdings Bhd, told Bursa Malaysia its wholly owned subsidiary HS Bio Sdn Bhd had entered into a HoA yesterday with Pow Pocket managing director Russell Walter Boyd regarding Pow Pocket, a financial services and health technologies-related company.

       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. It also operates the ImmuPlan portal, an exclusive digital platform for public and private vaccination rolls out in Johor under the guidance of the Johor Biotechnology and Biodiversity Corp.

       Also, Neogenix Sdn Bhd (a 60% owned subsidiary of HS Bio, with the balance 40% owned by Pow Pocket) operates https://johortravelsafe.my/ which registers and performs health screenings for inbound travellers into Johor at immigration points at the Sultan Iskandar Building and Sultan Abu Bakar Complex.

       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.

       Immunise, the platform engine of ImmuPlan, will become an open and inclusive platform aimed at capturing the demand for booster and juvenile vaccination shots in the country.

       Russell Walter Boyd said, “Immunise works by democratising and decentralising private vaccine delivery by empowering our communities and doctors to make decisions on inoculation. The Immunise platform will cover everything from online booking and scheduling a vaccine, to back-end order management, physical vaccine delivery and cold chain, refunds, reconciliation and invoicing, KPI dashboarding and reporting.”