Mexter unveils niche healthcare projects

  • Business
  • Wednesday, 31 Oct 2018

Scomi Group Bhd surprised investors when it proposed to revise its current issued share capital reduction from RM224.96mil to RM3mil from the earlier RM40mil.

PETALING JAYA: Mexter Technology Bhd has announced a number of projects, marking its attempt to establish itself as a niche healthcare player.

These include becoming the project manager for an ambitious medical city to be built at the foothills of Genting Highlands, becoming a healthcare service provider in that project and also launching an upscale retirement home and aged-care facility in Kenny Hills.

Mexter is also seeking to change its name to LYC Healthcare Bhd.

Mexter said in a filing with Bursa Malaysia that its 70% subsidiary, LYC Living Sdn Bhd, has clinched a deal to act as a consultant and project manager for the construction of a medical city to be built on 24 acres at the foothills of Genting Highlands.

The contract was secured from LYC Ventures Sdn Bhd, which is wholly owned by Lim Yin Chow.

The company said that “LYC Living will receive the sum equivalent to 8% of the sales proceeds to be derived from the sales of properties within LYC Wellness Valley”.

Recall that Lim had in March last year took over a controlling stake in Mexter. By May that year, Mexter had diversified into healthcare. Lim was the co-founder and owner of HSC Medical Centre.

Yesterday’s filings said that LYC Ventures had, on Sept 26 this year, entered into a sale and purchase agreement to buy the land for RM21.78mil for the development of LYC Wellness Valley – an integrated health and wellness hub project to be located at Genting Sempah that has a gross development value of RM558.53mil.

The wellness hub will incorporate, among others, a medical tourism hotel and residence, a medical and dental centre, physiotherapy and chiropractor, childcare and nursery, and wellness facilities.

According to Mexter, the proposed development is expected to be carried out over six years starting in 2019 and targeted to be completed by 2025.

As for the retirement home and aged-care facility, it will be operated in two units of double-storey bungalows, with a total built-up area of about 12,000 sf ft which can accommodate about 70 beds.

Mexter said the proposed diversification would further expand the revenue stream and earnings base of the group’s healthcare division. “The board anticipates that the proposed diversification may contribute 25% or more of the net profit of the group in the future.”

It said it would seek prior approval from shareholders at the forthcoming EGM for the proposed diversification.

Shares in Mexter closed five sen up to 47 sen yesterday.

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