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KUALA LUMPUR (April 29): Titijaya Land Bhd has signed a five-year agreement with a Chinese state manufacturer of medical equipment to develop a business that will be involved in the trade and distribution of medical and hospital equipment, as well as in the medical industry . related to real estate.
In a presentation of the exchange, the group said that its wholly owned Titijaya Resources Sdn Bhd (TRSB) had signed the strategic collaboration agreement with Sinopharm Medical Equipment QuanZhou Co. Ltd (SMEQ), which is part of Sinopharm China National Medical Device Company, whose ownership the company is China National Pharmaceutical Group Corp (Sinopharm Group).
“Sinopharm Group is a large healthcare group reporting directly to the Asset Supervision and Administration Commission (SASAC) of the State Council, with a complete industry chain spanning R&D (research and development), manufacturing, logistics and distribution, retail chains, healthcare, engineering services, exhibitions and conferences, international business and financial services, “Titijaya said.
The primary and immediate focus of the collaboration will be the provision of equipment such as personal protective equipment (PPE), RT-PCR (real-time reverse transcription polymerase chain reaction) test kits, rapid test kits, Test mobiles and other necessary equipment necessary to combat Covid-19.
Under the agreement, Titijaya said that TRSB and SMEQ will collaborate to develop the business by leveraging the supply and value chain of the Sinopharm Group and SMEQ in China, as well as the TRSB and Sinopharm Group networks.
“For other Sinopharm Group businesses that are not within SMEQ’s business scope, SMEQ will help TRSB develop that business scope by coordinating with Sinopharm Group to meet TRSB’s demands,” Titijaya said.
Meanwhile, TRSB will be responsible for providing infrastructure, land and facilities for the medical industry operators recommended by the Sinopharm Group or SMEQ.
The agreement may be renewed for a further period of five years, subject to the agreement of both parties.
Titijaya shares closed unchanged at 26 sen each today, giving it a market capitalization of RM352.37 million. He saw 304,100 shares changing hands.
