ACE Market-listed Kanger International Bhd’s has announced that its wholly-owned subsidiary Kanger Medical International Sdn Bhd has entered into a binding and conditional heads of agreement (HOA) with Sparmak Medical Equipment Trading LLC (Sparmak Medical), an authorised partner of G42 Medications Trading LLC to purchase Sinopharm COVID-19 vaccine manufactured in the United Arab Emirates (UAE).
Earlier this year, Sinopharm entered into a joint venture with UAE based G42 Medications to produce the Sinopharm COVID-19 vaccines in the UAE under the Hayat-Vax brand. The made-in-UAE vaccine is the first COVID-19 vaccine to be produced in the Arab world.
Under the HOA, Kanger aims to purchase five million vaccine doses with deliveries commencing as early as this month (July). The HOA also provides Kanger an option to subsequently purchase an additional five million vaccine doses.
“This HOA represents the beginning of a long-term strategic venture to commence the distribution of these made-in-UAE vaccines into Malaysia,” commented Kanger’s executive director Steven Kuah Choon Ching.
“Amid the limited supply of vaccines and surging cases, we believe it is vital to look for alternative sources of supply to expedite the vaccination efforts in Malaysia. With a steady supply of vaccines, we are confident that the Government is able to achieve its target of having 80% of Malaysians vaccinated by December 2021.”
The Hayat-Vax vaccine is essentially the same Sinopharm COVID-19 vaccine manufactured in UAE.
Recently, the Sinopharm COVID-19 vaccine has been granted conditional approval for use in Malaysia and is now included in the country’s national vaccination programme. Moreover, the private COVID-19 vaccine market is expected to commence in August 2021, thus enabling industry players to purchase their own vaccine supplies.
“These developments are positive steps towards the group’s plans to expand into the healthcare segment,” noted Kuah.
Kanger has also been authorised by G42 Medications to be the product registration holder and distributor of the Hayat-Vax vaccine in Malaysia.
On behalf of G42 Medications Trading LLC, Kanger has submitted the necessary applications to obtain the required approvals from the National Pharmaceutical Regulatory Agency (NPRA) for the Hayat-Vax vaccine to be used in Malaysia.
Listed on the ACE Market since 2013, Kanger together with its subsidiaries, are principally involved in the manufacturing and trading of bamboo flooring, bamboo furniture, hardwood and laminated flooring as well as related products.
At 2.35pm, Kanger was unchanged at 7 sen with 78.01 million shares traded, thus valuing the company at RM196 mil. – July 19, 2021
