KUALA LUMPUR (April 8): G3 Global Bhd’s shareholders have approved its proposed venture into the healthcare business, starting with the sale of Covid-19 test kits, at an extraordinary general meeting (EGM) earlier Friday (April 8).

G3 Global managing director Dirk Quinten said the strong approval received from its shareholders is indicative of their confidence in the management and its strategy.

“Moving forward, G3 Global will expand its footprint in the healthcare segment by leveraging on the technology from our partners SenseTime and Bestinet Group, as we strive to be more than just a test kits supplier.

“We are also looking at providing tech-driven healthcare support services to local public and private hospitals and this would offer a good recurring income stream for the group,” said Quinten in a statement.

Besides the venture, G3 Global shareholders also approved a private placement of up to 432.85 million shares to fund the expansion of its healthcare and ICT businesses, an increase in the limit to allot and issue shares from 10% to 20%, and a new shareholders’ mandate for recurrent related party transactions (RPTs).

In September 2021, G3 Global acquired a 51% stake in Bestinet Healthcare, which is engaged in activities related to pharmaceuticals, medicines and health products.

It said the shareholding in Bestinet will help boost its revenue, while also opening up additional business opportunities in the future.

G3 Global also plans to leverage on its in-house artificial intelligence capabilities for the innovation of new products and services for the healthcare business.

G3 Global shares rose half a sen or 6.3% to close at 8.5 sen on Friday, giving it a market capitalisation of RM183.9 million.