KUALA LUMPUR (May 22): Key Alliance Group Bhd plans to import reverse transcription polymerase chain reaction (RT PCR) test kits from South Korea to meet Malaysia’s rising demand for COVID-19 testing.
In a statement today, the ACE Market-listed technology firm said its unit Key Alliance Sdn Bhd has recently been given full power of attorney and appointed as the local representative for South Korean company ITDF Co, Ltd, which will allow it to register, promote, market, sell and distribute Wells Bio Inc’s Care Gene COVID-19 RT PCR Test Kit.
The power of attorney gives Key Alliance full authority to begin engaging the relevant regulators and authorities in Malaysia to register the test kit for import, marketing and sales and distribution locally, it said.
“With the current situation of COVID-19, reaching a potential second wave internationally, testing requirements are expected to balloon in the coming months.
"Whilst the Malaysian Government has actively sought to provide adequate testing facilities and resources to the general public, there has to be increased contribution from the private sector, if the economy is to be returned to normalcy as soon as possible,” said Key Alliance managing director Roy Ho Yew Kee.
Key Alliance is mainly involved in providing information communications technology (ICT) and other information technology-related services.
Its subsidiaries are also involved in construction, as well as kitchen appliances trading.
The group has been loss making over the past five years. For the financial year ended March 31, 2019 (FY19) it posted a net loss of RM7 million, narrowing from a net loss of RM9.6 million in FY18, despite revenue rising 58.9% to RM44.34 million from RM27.87 million a year ago.
The group added that the agreement allows it to analyse first hand the commercial viability of diversifying its mainstream technology business into digital healthcare.
Key Alliance added that it is focusing on diagnostic equipment trading, digital medical platforms, hospital grade IOT sensors and big data collection.
As at 4.21pm, its share price was down half a sen or 6.25% at 7.5 sen, with 56.37 million shares traded.