KUALA LUMPUR: BCM Alliance Bhd has obtained its shareholders’ approval to buy a 51.03% stake in  Cypress Medic Sdn Bhd which will enable it to expand its medical business division.

At an EGM on Monday, the shareholders gave their nod for BCM Alliance to subscribe to 2.10 million new shares for RM1.72mil cash.

BCM Alliance's core businesses are distributing equipment for the commercial laundry equipment and medical devices industries in Malaysia. 

Cypress Medic’s core business is trading and distribution of surgical, implants and clinical devices such as blood pressure monitor, nebuliser, thermometer, body fat monitor and blood pressure meter  for the medical devices market in Malaysia. 

BCM Alliance managing director Liaw Chong Lin said the corporate exercise would enable it  to expand its equipment to include the distribution of surgical, implants and clinical devices, such as blood pressure monitor, nebuliser and thermometer in addition to its current distribution of consumables medical devices under the medical devices business segment.

“It will also allow the enlarged BCM Alliance to expand its customer base in the retail market such as pharmacies in Malaysia, which is the current focus of Cypress Medic. 

“Cypress Medic is currently the authorised distributor of Rossmax to distribute its range of products such as aneroid sphygmomanometers, blood pressure monitors, digital thermometers, nebulisers and others to the Malaysia market,” he added. 

Under the corporate exercise, the existing Cypress Medic shareholders will provide BCM Alliance a RM600,000 profit guarantee for the financial year ending Dec 31, 2018.