OTHERS Additional information on recently announced appointment as the authorised general distributor of Sansure Biotech Inc. to promote and publicize the Covid-19 Nucleic Acid detection kits and instruments in Malaysia
|HO WAH GENTING BERHAD|
Additional information on recently announced appointment as the authorised general distributor of Sansure Biotech Inc. to promote and publicize the Covid-19 Nucleic Acid detection kits and instruments in Malaysia
Reference is made to the Company’s announcements released on 3 June 2020 on the appointment as the authorised general distributor of Sansure Biotech Inc. (“Sansure”) to promote and publicize its Covid-19 Nucleic Acid detection kits and instruments in Malaysia (“Sansure Products”) ( “Sansure Authorisation”).
The Company would like to provide the following additional information in relation to the Sansure Authorisation:
1. Background information on Sansure
Sansure is a private limited company incorporated in Changsa, Hunan province, People Republic of China on 23 April 2008. The issued share capital of Sansure is RMB103,515,000. The sole director and shareholder of Sansure is Dai Lizhong, a Chinese national.
2. Additional information on Sansure Products
a. Nature/ type of Sansure Products and its usage
Sansure Products are to be used to conduct real-time fluorescence Polymerase Chain Reaction experiments and experimental data analysis. This instrument is to be used in a laboratory setting to conduct rapid and accurate quantitative, qualitative detection on samples taken from the sample or other analytes of the target nucleic acid using corresponding reagents; or to be used for dissociation analysis, genotype, gene expression and other functions of research.
The instrument is intended to be used for in vitro diagnostic of clinical diseases and general laboratory research. Its prospects are hospital laboratories and general laboratories, professionals and technicians.
b. Approval required
Sansure Products are subject to the approval by Medical Device Authority, Ministry of Health, Malaysia (“MDA”). The Company is in the midst of preparing the application to MDA and targets to submit the application to MDA by 15 June 2020.
c. Renewal term of the Sansure Authorisation
The Sansure Authorisation is not subject to any renewal term.
d. Expected cost and benefits of the Sansure Authorisation
The cost required for the Sansure Authorisation is estimated to be up to RM2 million, which will be funded via internally generated funds or borrowings. Subject to the approval by MDA, the Sansure Authorisation is expected to contribute positively to the future financial performance of the Group.
The Group will enter into a definitive agreement to set out the terms, conditions and business arrangement of the Sansure Authorisation. Further details on the Sansure Authorisation will be announced in due course.
e. Estimated timeline to kick-start the distribution of Sansure Products
The Company target to kick start the distribution of Sansure Products immediately after the approval by MDA as stated in item(ii)(b) above. The Company expect to obtain the approval by MDA within 3 months from the date of application.
The announcement is dated 9 June 2020.
|Company Name||HO WAH GENTING BERHAD|
|Date Announced||09 Jun 2020|
|Category||General Announcement for PLC|