KUALA LUMPUR (April 26): Property developer Yong Tai Bhd said its healthcare subsidiary has obtained approval from the Ministry of Health's Medical Review & Ethics Committee (MREC) for its Phase III clinical trial study of inactivated Covid-19 trial vaccines in Malaysia.

"The board wishes to announce that MREC had vide its letter dated April 23, approved the said Phase III Clinical Trial study to be carried out in Malaysia involving 3,000 subjects," the group said in a bourse filing today.

The health ministry has not made a statement on this matter so far.

Yong Tai said its unit, YTB Healthcare Sdn Bhds (YTBH), has formalised the Phase III clinical trial with its partner, Shenzhen Kangtai Biological Products Co Ltd (SZKT), since December last year. SZKT is a vaccine manufacturer in China.

In a separate statement, Yong Tai CEO and executive director Datuk Wira Boo Kuang Loon said the group has set an internal target to roll out the distribution of SZKT’s inactivated vaccine by the third quarter this year, subject to the approval by National Pharmaceutical Regulatory Authority for emergency usage.

Under a deal between YTBH and SZKT, the former will be granted exclusive distributorship rights in Malaysia on a vaccine procurement programme of at least 10 million doses per year, with an option to purchase an additional 10 million doses per year, for a five-year period, said Yong Tai.

“In the event of unsold doses, the surplus shall be allowed to be sold with permission in other ASEAN countries and the Indian sub-continent,” the group added.

Shares of Yong Tai closed three sen or 12.24% higher at 28 sen, valuing the company at RM358.98 million.