OTHERS HO WAH GENTING BERHAD ("HWGB" OR THE "COMPANY") Additional information on recently announced appointment as the authorised sale agent / distributor for the covid-19 related products from Shijiazhuang Yiling Pharmaceutical Co., Ltd., Zhejiang Plame Medical Technology Co Ltd, Shanghai Liangrun Biomedicine Technology Co Ltd, Wuhan Easydiagnosis Biomedicine Co. Ltd. And Xiamen Amonmed Biotechnology Co. Ltd.

HO WAH GENTING BERHAD

Type Announcement
Subject OTHERS
Description
HO WAH GENTING BERHAD ("HWGB" OR THE "COMPANY") 

Additional information on recently announced appointment as the authorised sale agent / distributor for the covid-19 related products from Shijiazhuang Yiling Pharmaceutical Co., Ltd., Zhejiang Plame Medical Technology Co Ltd, Shanghai Liangrun Biomedicine Technology Co Ltd, Wuhan Easydiagnosis Biomedicine Co. Ltd. And Xiamen Amonmed Biotechnology Co. Ltd.

Reference is made to the Company’s announcements released on 27 May, 21 May, 20 May, 15 May, 16 April, 3 April and 18 March 2020 on the appointment as authorised sales agent / distributor for the Covid-19 related products (hereinafter referred to as “Covid-19 products Announcements”).

 

The Company would like to provide the following additional information in relation to the Covid-19 products Announcements:

 

(i) Diagnostic kit for IgM/IgG Antibody of SARS-Cov-2 (Colloidal Gold Immunochromatography) manufactured by Shanghai Liangrun Bionmedicine Technology Co Ltd (“Diagnostic Kit”)

 

The Diagnostic Kit is one of the rapid test kits is one of the rapid test kits that have been evaluated by Institute of Medical Research, Malaysia and National Public Health Laboratory, Malaysia to be used for Covid-19 screening as recommended by Ministry of Health, Malaysia (“MOH”) to Social Security Organisation on Covid-19 screening procedures for workers returning to work.

 

Despite the Diagnostic Kit being one of the rapid test kits that was recommended by MOH, approval from MOH will still be required for the importation and distribution of Diagnostic Kit in Malaysia by HWG Consortium Sdn Bhd. 

 

In this regards, we wish to clarify that the HWG Consortium had on 4 May 2020 submitted a Notification of Medical Devices for Special Access to MOH for the importation and distribution of the Diagnostic Kit in Malaysian market, which is in accordance with the Medical Device (Exemption) Order 2016.

 

HWG Consortium may proceed to import and/or distribute the medical device in Malaysian market after receiving the approval (i.e. no restriction letter) from MOH for the purpose of importation and distribution of the Diagnostic Kit.

 

(ii) Estimated total capital outlay or costs to be incurred and the source of funding to embark on the Covid-19 related products

 

The total capital outlay or cost to be incurred from the distribution of Covid-19 related products is estimated to be up to RM10 million (depending on the market condition and customer demand), which will be funded via internally generated funds or borrowings.

 

(iii) Manners in which HWG Consortium intends to market and distribute the Covid-19 related products from various manufacturers.

 

HWG Consortium will collaborate with local medical devices distributors to market and distribute the Covid-19 related products from various manufacturers. For instances, the Company had on 15 May 2020 announced that HWG Consortium appointed PM Care Sdn Bhd, a leading third party administrator in Malaysia collaborating with a network of more than 3,500 medical providers nationwide as the non-exclusive sub-distributor of  the Diagnostic Kit in Malaysia. PM Care Sdn Bhd is a subsidiary of Sumitomo Corporation, a Fortune Global 500 company listed on the Tokyo Stock Exchange that engages in multifaceted business activities such as trading, import and export, trilateral trade as well as domestic and international business investment.

 

Additionally, in view of the increased usage of e-commerce recently due to the implementation of restricted movement measures by the government, HWG Consortium also intends to adopt e-commerce platform as a distribution channel for Covid-19 related products. The said e-commerce platform is currently under pilot testing.

 

 

The announcement is dated 29 May 2020.






Announcement Info

Company Name HO WAH GENTING BERHAD
Stock Name HWGB
Date Announced 29 May 2020
Category General Announcement for PLC
Reference Number GA1-29052020-00157