ACE Market listed sports footwear and apparel manufacturer K-Star Sports Ltd sees attractive business opportunities in its new healthcare venture, in particular, the distribution of COVID-19 vaccines to private clinics in Malaysia.
K-Star is an appointed sale agent to distribute COVID-19 vaccines by Kanger International Bhd which on Nov 23 signed a collaboration agreement with Sinopharm Group Hunan Changde Medical Co Ltd to distribute COVID-19 vaccines developed by China National Pharmaceutical Group Corporation (Sinopharm). (Click here for Kanger’s announcement)
“For a start, we will be establishing a mobile sales and marketing team to approach the private clinics throughout Malaysia,” K-Star’s executive chairman Ding Jianping pointed out.
According to Ding, a key person who will be spearheading this initiative is K-Star’s executive director Koo Kien Yoon who was the executive director of Biosis Group Bhd for three years in 2013 to 2016 where he spearheaded the sales, marketing and distribution of healthcare and pharmaceutical products for Biosis.
“With his established business network as well as personal experience in the industry, K-Star would be able to leverage Koo’s prior experience and knowledge to establish a leading market position in this business of distributing COVID-19 vaccines to private clinics in Malaysia,” noted Ding.
As a sale agent, K-Star would be handling the sales and marketing of the vaccines while Kanger would be responsible for the purchasing and inventory holding of the vaccines.
The sales and marketing of COVID-19 vaccines to private clinics in Malaysia would forge a new income stream for the K-Star group and this bodes well with the company’s strategic plan to seek alternative revenue streams to support its long-term expansion plans.
“Once an established sales network with the private clinics is developed, the group will also explore distributing other related pharmaceutical products and medical devices to strengthen the healthcare venture,” added Ding.
K-Star closed today’s trading up 2.5 sen or 8.06% at 33.5 sen with 35.9 million shares traded, thus valuing the company at RM161 mil. – Nov 25, 2020
