KUALA LUMPUR, Feb 22 — At the stroke of 2.22pm today, Ancom Berhad officially ventured into the healthcare market after signing a joint venture agreement with Truelifesciences Holdings Sdn Bhd.

Alongside Redberry Holdings Sdn Bhd, Ancom Berhad executive chairman Datuk Siew Ka Wei said that it had found the right partner in Truelifesciences to expand further into local or even international markets.

The joint venture agreement was signed by four executives including Siew, Sabli Sibil (Redberry), Joe Pramesh Ganesaguru (Truelifesciences), and Datuk Hasnul Hassan (Ancom Truelife Sdn Bhd).

Datuk Siew Ka Wei speaks to the media after the signing ceremony at Ancom Berhad, Petaling Jaya, February 22, 2022. ― Picture by Choo Choy May

"In the case of Truelifesciences, I think we found the right partner to expand in the healthcare business for Ancom Group for the Malaysian market initially or maybe even the international market,” said Siew.

As for Joe Pramesh, he said that Truelifesciences was founded 10 years ago and aims to make healthcare products more affordable because people often view pharmacy products as more middle and upper-class centric.

"Truelifesciences was incorporated 10 years ago and we focus our products in mostly independent pharmacies.

"Why we work with approximately 2,700 independent pharmacies is because we feel that they need support more than chain pharmacies like Guardian or Watsons,” he told Malay Mail.

Truelifesciences Holdings Sdn Bhd’s Joe Pramesh Ganesaguru speaks to the media at Ancom Berhad, Petaling Jaya, February 22, 2022. ― Picture by Choo Choy May

He also said that the first product to be introduced under Ancom Truelife is a nutritional drink for elderly people that will boost their immune system.

Also in the pipeline is the Bentrio nasal spray that works as the first line of defence against airborne viruses because it forms a protective layer on the nasal mucosa.

Last month, Ancom Berhad reported its highest-ever results for the first half of its 2022 financial year (1HFY22) that saw it doubling its net profit from the same period last year.

(From left) Datuk Hasnul Hassan, Datuk Siew Ka Wei, Joe Pramesh Ganesaguru and Sabli Sibil at Ancom Berhad, Petaling Jaya, February 22, 2022. Alongside Redberry Holdings Sdn Bhd, Ancom Berhad executive chairman Siew said that it had found the right partner in Truelifesciences to expand further into local or even international markets. ― Picture by Choo Choy May

It reported a net profit of RM21.1 million for the period between June and November 30, 2021, over twice the net profit of RM9.2 million Ancom recorded during the first half of its 2021 financial year. Net profit refers to the profit after tax and non-controlling interest.

Ancom is a diversified group with businesses in agricultural chemicals, industrial chemicals, logistics, and polymer, amongst others.