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KUALA LUMPUR (Nov 12): Bintai Healthcare Sdn Bhd (BHSB), a majority owned subsidiary of Bintai Kinden Corp Bhd, today signed a memorandum of understanding (MOU) with IEC Properties Pty Ltd, a wholly owned subsidiary of International Equities Corp Ltd (IEC), which is listed in Australia. a planned deal whereby the IEC will have the exclusive distribution rights for a Covid-19 vaccine in Australia and New Zealand.
According to Bintai Kinden’s filing with Bursa Malaysia today, the MOU allows the BHSB and IEC to continue negotiating the terms and conditions under which IEC will be sub-licensed by BHSB to supply the Ii Key-SARS-CoV-2 vaccine in Australia and New Zeeland.
“BHSB intends to collaborate with IEC, which has broad reach in those markets by granting IEC exclusive distribution rights to market, distribute and sell the vaccine in Australia and New Zealand,” said Bintai Kinden.
Bintai Kinden said it has partnered with the US-based Generex Biotechnology Corp to advance the commercialization of the vaccine in Malaysia.
In accordance with the distribution and licensing agreement between BHSB, Generex and NuGenerex Immuno-Oncology Inc, BHSB has been granted 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 hiatus today, Bintai Kinden’s share price closed two sen or 2.78% higher at 74 sen, valuing the company at RM259.07 million.
The stock was trading between 72.5 sen and 75 sen so far.
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