Metal Component Engineering to change name on shift to healthcare sector

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Metal Component Engineering plans to change its name to Meta Health to reflect a business shift to healthcare and e-commerce, the company said in a filing to SGX Friday.

“We have shown tremendous progress in our endeavour to grow into the healthcare and e-commerce businesses in the last few months,” Ahillan Pupalasingam, chief investment officer of MCE, said in the statement. “With the new brand identity, it will help us develop a new positioning in the market.”

The move will need to be approved at an extraordinary general meeting (EGM) scheduled for 17 January, the company said.

Metal Component Engineering, or MCE, noted it acquired 85.07 percent of Gainhealth in June, and in October, acquired 70 percent of PT Gaido Digital Medika as part of a regional expansion into digital healthcare.

Gainhealth has also entered a joint venture in October with MNR Food for clinical nutrition product development and distribution in Southeast Asia vai direct-to-consumer health platforms, MCE said.

Also in October, MCE took up a 10 percent stake in MedTel Healthcare, and in November, it entered a conditional deal to take a 17.28 percent stake in Singapore social-commerce company Adazal, the filing said. Using Adazal’s platform, MCE is adding influencer live-streaming and increasing market reach and adoption for its e-commerce platform’s products and services in the Philippines, with plans to add Vietnam, the filing said.

In November, MCE said it also raised S$3.3 million in a share placement to 15 investors with healthcare industry background.