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G3 Global Bhd is morphing into a provider of technology-based healthcare solutions, says its new major shareholder and executive director Datuk Seri Aminul Islam Abdul Nor (better known as Datuk Seri Mohd Amin).
“We want to focus on artificial intelligence (AI) and other information technology-based healthcare solutions.
“Especially with the ongoing Covid-19 pandemic, healthcare has taken centre stage. This new focus is a natural extension of our biomedical solutions,” Mohd Amin tells StarBizWeek via email replies to questions. Mohd Amin was appointed an executive director of G3 Global two weeks ago, after he emerged in the company with a 25% stake.
In corporate circles he is known as being the founder and chairman of technology firm Bestinet Sdn Bhd, which provides information technology solutions for managing foreign labour for all stakeholders.
G3 Global had said that Mohd Amin had initiated the Foreign Workers Centralised Management System (FWCMS) for the Malaysian government, an end-to-end platform that connects all stakeholders in the migrant workers management such as employers, recruitment agents in Malaysia and resource countries, governments and medical centres.
On Sept 8, G3 Global acquired a 51% stake in Bestinet Healthcare Sdn Bhd, which distributes hospital and pharmaceutical products that include rapid test kits for Covid-19, canulas, syringes and needles, among others.
This week, G3 Global announced in a filing with the stock exchange that it intends to seek shareholder approval for a diversification of business into the healthcare sector related business, which includes the distribution of Covid-19 test kits and that this is being done via its acquisition of Bestinet Healthcare.
The filing revealed that Bestinet Healthcare has already secured revenue of RM2.6mil from the sale of antigen test kits since starting the business just four months ago.
It says that the plan is to source Covid-19 test kits from local manufacturers approved by the Medical Device Authority (MDA) and that Bestinet Healthcare has secured a distributor licence from MDA to undertake the distribution of such kits.
G3 Global said that the test kit market in Malaysia has grown from 1.1 million tests in 2020 to 21.5 million tests in 2021 and will hit 25 million tests in 2022.
Mohd Amin hints that G3 Global’s healthcare business will move beyond just the sale of test kits.
“The potential use for artificiall intelligence (AI) in healthcare is vast. One niche we are looking at is in the area of healthcare diagnosis,” says Mohd Amin.
AI has been meant to be a theme for G3 Global for some time. Recall that back in 2019, G3 Global had inked a memorandum of understanding with SenseTime Group Ltd and China Harbour Engineering Company Ltd to set up the first AI park in Malaysia. The three parties were to invest around US$1bil (RM4.22bil) in the project. However, there has been little development of the project since then.