Friday 29 Mar 2024
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KUALA LUMPUR (Nov 12): Bintai Kinden Corp Bhd's majority-owned subsidiary Bintai Healthcare Sdn Bhd (BHSB) today signed a memorandum of understanding (MOU) with Australia-listed International Equities Corp Ltd's (IEC) wholly owned subsidiary IEC Properties Pty Ltd under a planned arrangement for which IEC will have the sole distribution rights for a Covid-19 vaccine in Australia and New Zealand.

According to Bintai Kinden's filing with Bursa Malaysia today, the MOU enables BHSB and IEC to further negotiate the terms and conditions wherein IEC will be sub-licensed by BHSB to supply the Ii Key-SARS-CoV-2 vaccine in Australia and New Zealand.

"BHSB intends to collaborate with IEC which has the extensive reach in the said markets by granting IEC the exclusive distribution rights to market, distribute and sell the vaccine in Australia and New Zealand," Bintai Kinden said.

Bintai Kinden said it has partnered US-based Generex Biotechnology Corp to advance the commercialisation of the vaccine in Malaysia.

Pursuant to the distribution and licensing agreement entered into among BHSB, Generex and NuGenerex Immuno-Oncology Inc, BHSB has been given the first right of refusal to market and distribute the vaccine in Australia and New Zealand, according to Bintai Kinden.

At Bursa's 12.30pm break today, Bintai Kinden's share price settled two sen or 2.78% higher at 74 sen, valuing the company at RM259.07 million.

The stock was traded between 72.5 sen and 75 sen so far today.

Edited ByChong Jin Hun
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