Mestron managing director Por Teong Eng said the company had obtained a clearance letter from the Health Ministry to start negotiations and cooperation with any companies from China for the vaccine in Malaysia. KUALA LUMPUR: Mestron Holdings Bhd is expected to invest up to RM20mil in its tie-up with China-based Zhongyu Yexing (Chengdu) Industrial Co., Ltd to distribute the Covid-19 vaccine in Malaysia. In a statement on Friday, Mestron said the RM20mil will be financed via its own funds, bank loans and proceeds from a private placement. The steel pole maker had signed a head of agreement with Zhongyu, which is part of Sino Pharma Group of Companies (Sinopharm). Zhongyu is involved in the sale, distribution and marketing of the Covid-19 vaccine and other medical and pharmaceutical products. It is one of the authorised distributors for Sinopharm’s China National Biotech Group (CNBG) Covid-19 vaccine. Mestron and Zhongyu are expected to finalise and enter into a definitive agreement within 30 days after completing the discussions and negotiations. Mestron managing director Por Teong Eng said the company had obtained a clearance letter from the Health Ministry to start negotiations and cooperation with any companies from China for the vaccine in Malaysia. “Once we have obtained all the necessary approvals, Zhongyu will supply the vaccine at preliminary estimation of three (3) million doses (1.5 million sets) to Mestron in stages, ” he added.
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