KUALA LUMPUR (May 18): Kanger International Bhd, which is involved in the manufacturing and trading of bamboo flooring and furniture, hardwood and laminated flooring and property development, said its Memoranda of Understanding (MoUs) with Zuellig Pharma Sdn Bhd and K-Star Sport Ltd have been terminated after it failed to get the Drug Control Authority (DCA) of Malaysia’s approval to be the registered holder for China’s Sinopharm Covid-19 vaccines in Malaysia.
On Oct 23, 2020, it entered into an MoU with Zuellig Pharma to collaborate on the distribution of Covid-19 vaccines in Malaysia. Another MoU was signed between Kanger and K-Star on Oct 26, 2020 for the purpose of appointing K-Star as the sale agent of the vaccines for private clinics here.
In separate bourse filings on Wednesday (May 18), the ACE Market-listed Kanger said the MoUs have been terminated following the approval by the DCA for another company to be the registered holder for the Sinopharm Covid-19 vaccines. It was reported that Duopharma Biotech Bhd’s wholly-owned unit Duopharma (M) Sdn Bhd has been authorised as Sinopharm’s registration holder and to engage in the sales and distribution of the vaccine in the country.
Kanger also said its MoU with the Sabah State government for the purpose of procuring and importing the Sinopharm vaccines into Sabah whereby Kanger would be appointed as the sole and exclusive distributor of the Sinopharm vaccines in the State has also been terminated.
On Tuesday (May 17), Kanger announced that it had terminated a collaboration agreement with Sinopharm Group Hunan Changde Medical Co Ltd.
Kanger shares closed down 0.5 sen or 8.33% at 55 sen on Wednesday, bringing it a market capitalisation of RM30.66 million.
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