Few ASX stocks are likely to ever receive Vladimir Putin’s blessing, but one small health company has for a Malaysian medical centre — nuclear medicine, of course.
Singapore-based Asian American Medical Group (ASX:AJJ) is joining with Russia’s sovereign wealth fund and a subsidiary of Russia’s state atomic energy business Rosatom to build a nuclear medicine centre in Iskandar Puteri, Malaysia.
The Russian president and Singapore PM Lee Hsien Loong signed off the project themselves.
Nuclear medicine is the use of radioactive particles in the diagnosis and treatment of disease — such as radiation therapy for cancer.
AAMG’s project, first flagged in April, is solely for cancer patients.
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AAMG will managed the project — which is to be funded by the sovereign wealth fund and use expertise from Rosatom “which specialises in domestic and international promotion of Russian nuclear technology for medicine”.
Rusatom chief Denis Cherednichenko said the Asia-Pacific was a “core market” for the Russians. He expected the project to “create additional competitive advantages and open new opportunities in foreign markets”.
AAMG backdoor-listed onto the ASX in 2009 as the Asian Centre for Liver Diseases and Transplantation, before changing it name and focus in 2013.
AAMG shares were flat at 12c on Thursday morning.