Catalist-listed Metal Component Engineering (MCE) is proposing to change its name to Meta Health, reflecting the group’s strategic shift towards healthcare and e-commerce businesses.
The proposed name change is subject to approval by shareholders at an extraordinary general meeting (EGM) to take place on Jan 17, via electronic means.
“We felt that the group needed a new identity that can accurately reflect its strategic direction, business activities and growth in the healthcare and e-commerce businesses. Moreover, with the new brand identity, it will help us develop a new positioning in the market, allowing the public, shareholders, potential investors, and our business partners to better identify with the group going forward based on our current business plans and strategic direction,” says Ahillan Pupalasingam, chief investment officer of MCE.
In June, the company announced its intention to diversify and expand into the healthcare and the e-commerce businesses, along with the acquisition of a 85.07% stake in healthcare company Gainhealth.
In October, the company entered into a conditional sale and purchase agreement with Indonesian digital healthcare company Gaido Digital Medika (GDM) to take a 70% stake of GDM’s enlarged share capital as part of the group’s regional expansion into digital healthcare.
In the same month, Gainhealth entered into a joint venture with MNR Food for clinical nutrition product development and distribution across Asean through its direct-toconsumer health platforms. It also entered into a share subscription agreement to take a stake of up to 10% in India-based MedTel Healthcare.
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In November 2021, the group entered into conditional agreements for a 17.28% stake in Singapore-based social commerce company Adazal. It also announced raised $3.3 million in funding through a share placement to a group of 15 investors.
As at 9.39am, MCE shares are up 0.2 cents or 4.35% higher at 4.8 cents.
Photo: MCE
