KUALA LUMPUR (March 24): Bintai Kinden Corp Bhd has signed a third distribution agreement with Korean cold chain equipment manufacturer firm SLAB Asia Co Ltd to supply its cold chain boxes for the storage and distribution of Covid-19 vaccines in Indonesia.
Previously, Bintai Kinden on Jan 8 entered into a separate distribution agreement with SLAB Asia after the latter appointed Bintai Kinden's subsidiary Bintai Healthcare Sdn Bhd (BHSB) as the exclusive distributor in Malaysia, and non-exclusive distributor for Southeast Asia for the full range of Greenie Medi Cold Chain Box.
Subsequently, both parties inked another agreement dated Jan 20 to appoint BHSB as the exclusive distributor of the cold chain boxes in Saudi Arabia and the Philippines.
In a filing with Bursa Malaysia today, Bintai Kinden said BHSB was appointed the exclusive distributor for the cold chain boxes in Indonesia after the parties signed a separate distribution agreement dated March 15.
According to Bintai Kinden, the Greenie Cold Chain Box can be used to transport medical goods and is designed to keep inbox temperature of up to -70°C for up to 120 hours, enabling proper storage and distribution of vaccines.
"In addition, the company intends to recruit and establish our own in-house team of sales and marketing professionals with the relevant industry experience to support the new business," said Bintai Kinden.
It added BHSB intends to open up the market in the territories through partnerships and sub-distribution agreements to market and distribute the products.
Also, BHSB plans to collaborate and work with established local product distributors in each respective territory to leverage on their industry expertise and capabilities.
Bintai Kinden expects this agreement will contribute positively towards its future earnings.
Bintai Kinden, whose share price has fallen 68% from its last year's December peak of RM1.39, traded unchanged at 45 sen apiece, after 2.86 million shares were traded. At 45 sen, it has a market capitalisation of RM172 million.