theedgemarkets.com
Kanger ropes in more collaborators to help distribute Covid-19 vaccines
KUALA LUMPUR (Oct 26): Kanger International Bhd has roped in Zuellig Pharma Sdn Bhd and KSTAR (5172): K-STAR SPORTS LTD to collaborate on the distribution of Covid-19 vaccines in Malaysia.
The vaccine and other products are developed by state-owned China National Pharmaceutical Group Corp (Sinopharm).
In a filing with Bursa Malaysia today, Kanger said it has entered into a memorandum of understanding (MoU) with Zuellig Pharma, the largest vaccine distributor in Malaysia and in Asia, to facilitate the import, warehousing and distribution of Covid-19 vaccines in Malaysia.
Separately, Kanger announced that it has also entered into an MoU with K-Star to appoint the latter as the sales agent of Covid-19 vaccines for private clinics in Malaysia.
Kanger said both MoUs will add value to the group as it is now focused on expanding its business into the healthcare industry, which includes the distribution of Covid-19 vaccines, and is looking for a well-established logistics and distribution provider.
Kanger had previously announced on Sept 22 that it will be the distributor of Covid-19 vaccines and medical equipment products in Malaysia for China-based Sinopharm Group Hunan Changde Medical Co Ltd (SGHC).
Sinopharm is the largest and oldest biotech company in China and currently has Covid-19 vaccines under Phase 3 trials.
The collaboration agreement is valid until Sept 24, 2023.
Shares of Kanger closed unchanged today at 17.5 sen, with a market capitalisation of RM320.66 million.
