KUALA LUMPUR (Sept 22): Kanger International Bhd has entered into a deal to clinch the rights to distribute a China-developed COVID-19 vaccine in Southeast Asia.
In a bourse filing, the group said that it had entered into a proxy agreement with Shenzhen Public Health Technology Co, Ltd (SZPHT). The agreement is valid until Oct 8.
Under the deal, Kanger has appointed SZPHT to procure dealership status from China National Biotec Group Company Ltd (CNBG), which is a subsidiary of China National Pharmaceutical Group Corp (Sinopharm).
“The intended dealership/distributorship is in respect of the potential COVID-19 vaccines to be produced and/or manufactured by Sinopharm and CNBG, for Kanger’s distribution of the COVID-19 vaccine (Vero Cell) in Southeast Asia,” said Kanger.
The group said SZPHT will be authorised to enter into a distribution agreement and consequently grant Kanger the right to distribute the vaccine procured from Sinopharm or CNBG.
A service fee will be negotiated between Kanger and SZPHT once the latter has successfully secured and assisted Kanger in entering into a distribution agreement with Sinopharm or CNBG.
The latest move by Kanger follows its earlier announcement that it is venturing into the rubber glove industry.
On Aug 11, the group said it was approached by Dubai-based Constellation Holdings Ltd to set up a medical examination gloves operation in Malaysia.
Constellation is the procurement agent for personal protective equipment (PPE) and medical equipment for the United Arab Emirates’ (UAE) Ministry of Health & Prevention.
Kanger had said that Constellation would acquire 49% of Kanger Glove Manufacturing Sdn Bhd (incorporated on Aug 13) for RM49,000.
The group also announced that it was acquiring some 2.24 ha of land in Kuala Selangor for RM6.8 million for a new rubber glove manufacturing plant for Kanger Glove.
Shares in Kanger finished 8.77% or 2.5 sen higher at 31 sen, valuing the group at RM568 million. The counter saw 223.8 million shares traded.
https://www.klsescreener.com/v2/news/view/730889/after-rubber-gloves-kanger-now-ventures-into-covid-19-vaccine-distribution
