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KUALA LUMPUR: My EG Services Bhd
has signed a memorandum of understanding with Anhui Zhifei Longcom Biopharmaceutical Co, Ltd to conduct phase three clinical trials and subsequent commercialization of its Covid-19 vaccine in Malaysia.
MyEG will be the sole distributor of the vaccine in Malaysia once phase three trials are successfully completed, it said in a statement.
Under the terms of the contract, the companies will strive to meet the requirements of halal status to obtain halal certification from the Malaysian Department of Islamic Development and ensure greater acceptance from the global Muslim population.
Zhifei is a subsidiary of Chongqing Zhifei Biological Products Co. Ltd, which is listed
on the Shenzhen Stock Exchange and has been engaged in biological products
industry since 2002, in particular the production of vaccines for human use.
Currently, it is one of five Chinese companies conducting phase three clinical trials of the Covid-19 vaccine in various parts of the world.
The Memorandum of Understanding is valid for three years from the date of signature and can be extended by mutual agreement.
The contract is not expected to have any material effect on the company’s net assets per share and leverage for fiscal year 20, but is expected to contribute positively in fiscal year 21 once phase tests are successfully completed. three and the commercialization of the vaccine.
Trading in MyEG shares has been halted until 10 am Monday in light of the announcement. The latest share traded at RM1.81 per share last Friday.
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