MYEG Appointed as Sole Distributor On Zhifei Vaccine for Covid-19 in Malaysia
My E.G Services Bhd has entered the 3rd phase of the clinical trials and subsequent commercialization of Anhui Zhifei Longcom Biopharmaceutical Co, Ltd on the Covid-19 vaccine in Malaysia and MyEG will also be the sole distributor for this vaccine in Malaysia upon the successful completion of this 3rd phase vaccine.
Included in the contract, the companies will also ensure compliance on Halal status requirements from the Department of Islamic Development Malaysia so it can ensure 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 which has been in this industry since 2002 which is specialized in the production of vaccines for human use. Currently, it is representing 1 of 5 companies in China in conducting this 3rd phase clinical trial of the Covid-19 vaccine in various parts of the world.
Currently, the MoU is valid for 3 years from the date signed and may extend further upon mutual agreement and the current contract is not related to any material effect on the net asset per share for the company in FY20 but it might contribute positive result in FY21 upon the success of the 3rd phase trials. While trading in the shares of MyEG has been halted until 10 am on Monday in the light of the announcement which the stock is last marked on RM1.81 on share market last Friday.
