InstaForex

July 23, 2021

Pantasniaga Accepts Contract Worth RM112.32 Million Pushes Hong Seng Shares Soar

Pantasniaga Sdn Bhd, an indirect subsidiary of Hong Seng Consolidated Bhd, received a contract worth RM112.32 million from the Ministry of Health to supply the Covid-19 polymerase chain reaction (PCR) test kit.


In addition, Pantasniaga is a 51% subsidiary of HS Bio Sdn Bhd and a wholly -owned subsidiary of Hong Seng will supply PCR test kits for the Medical Research Institute and Public Health Laboratory in Kota Kinabalu, Sabah.


Yesterday, Hong Seng shares jumped 21 sen or 13.82% higher to close at a new high of RM1.73 today bringing the group value at RM4.13 billion.



The counter has jumped 102.34% or 87.5 sen since early July.


According to Hong Seng Executive Director Christopher Chan, the contract is a testament to the group's strong commitment to enabling safe and effective Covid-19 testing in Malaysia.


The contract received by Pantasniaga is also the largest contract currently obtained after receiving a contract worth RM34.3 million from the Ministry of Health on 3 Feb 2021.


The contract will commence on July 26, 2021 and end on July 25, 2022.