KUALA LUMPUR (Oct 16): Health and wellness direct selling company DXN Holdings Bhd on Monday entered into a memorandum of understanding (MOU) with a unit of European Wellness Biomedical Group to explore collaboration opportunities in establishing wellness centres together.
DXN said the MOU was signed with a British Virgin Islands unit called European Wellness Centers INC (EW), which is based in Hong Kong, and deemed to be the Asia-Pacific arm of European Wellness Biomedical Group.
Both parties will also engage in research and development (R&D) with universities, including the Heidelberg University of Germany, the University of California of Irvine, and local universities, said DXN in a filing with Bursa Malaysia.
DXN said the research will encompass areas such as stem cells, peptides, age reversal, immunology, and senescence cells, and will employ phyto and myco (mushroom) therapies.
The R&D activities will be carried out at its property in Cyberjaya, and EW will provide wellness expertise, academic support, nutraceuticals, and training knowledge.
“The parties will promote and engage in cross-selling of their respective products,” one of the MOU terms read.
This is the third MOU DXN entered in less than a month. On Oct 9, the group inked an MOU with UOC Sdn Bhd — the owner of the University of Cyberjaya — to promote joint training and development activities “of mutual interest areas in accordance with the parties’ respective needs and objectives”.
On Sept 20, DXN entered into an MOU with the Malaysia Holistic and Herbal Organisation (MHHO) “to establish collaboration and explore opportunities for development and support to the collaboration based on their respective fields of expertise and resources”. DXN said MHHO is “well known for their expertise in practising an integrative medicine system through the integration of traditional and modern medicine”.
DXN, which was listed in May, closed one sen or 1.6% lower at 61.5 sen on Monday, below its initial public offering (IPO) price of 70 sen. The group had a market capitalisation of RM3.06 billion.