KUALA LUMPUR (April 24): Malaysian Genomics Resource Centre Bhd (KL:MGRC) announced on Thursday the redesignation of its managing director, Leong Yien Hung, to the role of executive chairman.

Leong holds a direct stake of 8.43 million ordinary shares, representing 6.15% of MGRC. He emerged as a substantial shareholder of the company after acquiring two million shares on Feb 21, increasing his stake from 4.69% to 6.15%.

Leong, 41, graduated with a bachelor’s degree in computer science from Coventry University, the UK, in 2003.

He brings over 15 years of experience in Malaysia's finance industry specialising in full-fledged financial services and alternative investments.

Leong was appointed as an independent non-executive director of Aldrich Resources Bhd in August 2022. He also serves as a member of the investment committee at Proven Venture Capital, which is managed by 5 Pillars Ventures Sdn Bhd, a venture capital management corporation licensed by the Securities Commission Malaysia.

MGRC is a Southeast Asia-based genomics and biopharmaceutical company. Initially focused on genome sequencing, bioinformatics analysis and genetic screening services, the company has since expanded into the biopharmaceutical space, producing cell therapies such as immunotherapy for the treatment of various cancers.

For the fourth quarter ended Dec 31, 2024, MGRC reported a narrower net loss of RM494,000, compared to loss of RM6.08 million in the same period a year earlier. The improved performance was mainly attributed to reduce spending on networking, brand exposure, and industry presence activities. Loss per share stood at 0.36 sen, narrowing from 4.42 sen previously.

Its revenue fell by 41.46% to RM1.31 million from RM2.24 million, primarily due to reduced demand in the genomics segment.

The company's financial year-end was changed from June 30, 2023 to Dec 31, 2023, as announced on Oct 25, 2023. As a result, there is no comparative financial information available for the current year-to-date versus the corresponding periods of the previous year.

Shares of MGRC closed up seven sen or 43.8% at 23 sen on Thursday, valuing the group at RM31.6 million. The counter has fallen 34.29% year to date.