Hong Seng Consolidated Bhd’s wholly owned subsidiary HS Bio Sdn Bhd has entered into a joint venture (JV) with LiGNO Holdings Sdn Bhd to market the latter’s nutritional supplement product in Malaysia.
Both parties will own an equal 50 per cent in the JV company, which aims to explore new markets and widen LiGNO’s consumer base, Hong Seng said in a recent announcement.
The product is a one-of-a-kind supplement that has been scientifically proven to aid in the development of resistance to lung-related and other health issues, including, but not limited to, the Covid-19 virus. HS Bio is a full-service integrator of pharmaceutical, medical, and healthcare supplies and products, as well as healthcare-related services and supply management for the healthcare industry.
LiGNO, which is ISO22000, HACCP, GMP, halal and organic certified, specialises in the cultivation of medicinal herbs and manufacturing of supplements. Its products include bird’s nest, cordyceps sinensis, as well as Tiger’s Milk mushrooms.
Hong Seng said the JV was in line with its initiatives to drive its healthcare business, as well as to increase the segment’s overall contribution to the group.
“The board is of the view that the JV will complement its healthcare related business via leveraging on the capabilities of HS Bio and potentially develop more beneficial and efficacious health products for the people through scientifically proven biotechnology innovations.
“It will in turn contribute positively to the group’s future earnings via its healthcare segment and improve the group’s financial position,” the company said.
Hong Seng Executive Director Christopher Chan (pix) said the group was excited to collaborate with LiGNO, adding that the latter’s products could leverage on Hong Seng’s partnership with Fosun Group, which has commercial reach in Greater China.
“There is a lot of market potential for LiGNO’s functional mushrooms due to its high medicinal value and benefits for liver, aging, immune, lung and men’s health, and we believe that it can reach a much wider consumer base in view of the rising trend of healthcare spending as well as increase in number of respiratory diseases recently,” he said. – The Health