KUALA LUMPUR (May 13): Menang Corp (M) Bhd (KL:MENANG), a property development and management company, is venturing into healthcare by establishing a health and wellness-related development in Negeri Sembilan. 

The company signed a memorandum of understanding (MOU) with Alpro Alliance Sdn Bhd on Wednesday, to develop a health and wellness park in Menang Park, Seremban 3, which involves a total land size of about 25.8 acreage. 

Under the two-year MOU, Menang and Alpro will jointly develop the Alpro healthcare facility land into a health and wellness park, while Alpro will support the related healthcare facilities, including ambulatory care centre and rehabilitation facilities. 

“The proposed collaboration is part of the company’s strategic expansion into the healthcare industry, aiming to diversify its business activities. By leveraging the combined expertise and resources of both Menang and Alpro, the proposed collaboration seeks to seize opportunities and optimise value for its shareholders,” Menang told Bursa Malaysia in a filing on Wednesday. 

Alpro deals with pharmaceutical products and the retail sale of health rice, according to its filing. The company’s founder and chief executive officer Low Swee Siong is the largest shareholder with a 28.9% stake. Other significant shareholders include Hiew Fei Tsong (26.52% stake), Chia Ling Ling (14.58% stake) and Hiew Fei Chuen (7.29% stake). 

For the second quarter ended Dec 31, 2023 (2QFY2024), Menang’s net profit rose 22.86% to RM4.4 million from RM3.59 million a year earlier, as revenue jumped 45.75% to RM32.32 million from RM22.18 million previously. 

This brought its net profit for the six months (1HFY2024) to RM9.62 million, on the back of RM53.22 million in revenue. 

At Wednesday’s noon break, shares of Menang were 1.5 sen or 2.24% lower at 65.5 sen, giving it a market value of RM340.43 million.