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Malaysia's Khazanah sells shares of genetics screening MGRC

Sovereign wealth fund lets go of 11% stake in ACE Market-listed company

Malaysia's Prime Minister Muhyiddin Yassin is the chairman of sovereign wealth fund Khazanah Nasional Bhd.   © Reuters

KUALA LUMPUR -- Malaysian sovereign wealth fund Khazanah Nasional Bhd has ceased to be a substantial shareholder in genetics screening company Malaysian Genomics Resource Centre Bhd (MGRC) after a recent share sale.

The development comes after Khazanah sold 12 million shares, an 11.59% stake, through indirect subsidiary Synamatix Sdn Bhd, according to a bourse filing on May 15.

The disposal on May 13 came after an earlier disposal of 17 million shares on April 27. Khazanah indirectly owned a 12.758% stake, 13.21 million shares, in MGRC, as of April 29, after the disposal, a separate filing shows.

Khazanah has been trimming its interests in the company since the end of February, according to several filings on the bourse.

MGRC in December completed the disposal of its clinical pathology services business, MPath Sdn Bhd, to Gribbles Pathology (M) Sdn Bhd for RM42 million cash.

Founded in 2004, MGRC provides genome sequencing and analysis and genetic screening services. The company was listed on Malaysia's ACE Market in October 2010.

For the original story from DealStreetAsia, click here.

DealStreetAsia is a financial news site based in Singapore that focuses on corporate investment activity in Southeast Asia and India. Nikkei recently announced the acquisition of a majority stake in the company.

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