Mlabs volume spikes after announcing online pharmaceutical platform deal

Mlabs volume spikes after announcing online pharmaceutical platform deal
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KUALA LUMPUR (March 30): Bursa Malaysia top active stock Mlabs Systems Bhd's share trade volume spiked about 10-fold to some 111 million shares at the bourse’s afternoon close today from Friday's (March 27) figure of around 11 million units after the company announced that its wholly-owned subsidiary Mlabs Research Sdn Bhd signed a collaboration and cooperation agreement with Ipharmacare (M) Sdn Bhd.

At 12:30pm, Mlabs Systems shares settled unchanged at 1.5 sen after rising as much as 0.5 sen or 33.33% to two sen so far today. At its high of two sen, the company has a market capitalisation of RM11.56 million.

In a statement to Bursa Malaysia on Friday, Mlabs Systems said Mlabs Research shall provide its products including but not limited to video-conferencing and messaging systems besides network solutions to Ipharmacare. 

Mlabs Systems said Ipharmacare will incorporate video-conferencing and messaging systems besides network solutions into the latter's online pharmaceutical platform known as iPharma.care.

"Ipharmacare is a private limited company incorporated in Malaysia which [is] primarily involved in the business of providing online pharmaceutical products and services to merchants and customers through its online pharmaceutical platform. The agreement is for a period of three years, commencing on and from March 27, 2020, unless otherwise mutually extended or terminated. Either party may terminate the agreement upon delivery of written notice at least 90 days prior to such termination,” Mlabs Systems said.