PETALING JAYA: MMAG Holdings Bhd has entered into a share sale agreement with BrilliantID Sdn Bhd for the acquisition of Maasdots Sdn Bhd for RM100,000 cash.
According to its Bursa filing, Maasdot is involved in the management, integration and implementation of an end-to end health screening system namely travellers advanced health screening system (TAHSS).
As of now, it stated that the company has yet to commence its businesses and is in the midst of securing its first contract.
MMAG chairman Datuk Rathakrishnan Vellaisamy opined that the system will make international air travel safer, easier and faster.
“MMAG believes that our investment in Maasdots will help us to mobilise the world post Covid-19,” he said in a statement today.
Rathakrishnan revealed that the company is exploring with partners in various countries such as Nepal, Sri Lanka, Indonesia, Saudi Arabia and United Arab Emirates among others, to market TAHSS.
In addition, he said Maasdots is also in discussions with the relevant Malaysian ministries and government agencies for the implementation of the system.
Earlier today, Bursa Malaysia issued an unusual market activity query over the counter due to a sharp increase in the price and volume of MMAG recently.
MMAG replied that besides the acquisition of Maasdot, there are plans to work together with eMedAsia Sdn Bhd, an associate company of MSCM Holdings Bhd, in the implementation to ensure maximum coverage and network penetration for users. The company is also in early talks with a party to acquire aircrafts and licenses.
The counter closed at 86 sen, a 16.2% increase from its previous close of 74 sen.