Stock Name SINARAN
Date Announced 18 May 2022
Category General Announcement for PLC
Reference Number GA1-17052022-00020

Type Announcement
Sinaran Advance Group Berhad ("SAG" or the "Company") - Termination on Memorandum of Understanding ("MoU") entered into between Kanger International Berhad ("KIB") and K Star Healthcare Sdn. Bhd. ("K Star Healthcare"), a wholly-owned subsidiary of the Company ("the Parties") in relation to the Appointment of K Star Healthcare as the Sale Agent for Covid-19 vaccines in Malaysia
Unless otherwise stated, all definitions and terms used in this announcement shall carry the same meanings as defined in the previous announcements made by the Company on the MoU on 26 October 2020, 28 October 2020, 11 November 2020, 20 November 2020, 25 February 2021, 10 March 2021, 21 May 2021, 30 September 2021, 30 November 2021 and 28 February 2022.

Reference is made to the announcements pertaining to the MoU made between KIB and K Star Healthcare for the purpose of appointing K Star Healthcare as the sale agent of Covid-19 vaccines for the private clinics in Malaysia.

It has come to the attention of KIB on a press statement made by Duopharma Biotech Berhad (“Duopharma”) on 15 October 2021 that the Ministry of Health’s Drug Control Authority Malaysia had approved the conditional registration of the Sinopharm COVID-19 vaccine for use in Malaysia by Duopharma in July 2021 and they are now the registered holder for Sinopharm COVID-19 vaccine in Malaysia.

KIB has subsequently sought clarifications from Sinopharm Group Hunan Changde Medical Co., Ltd. (“Sinopharm”) where the latter has confirmed Duopharma’s abovementioned Appointment. Upon further discussion, KIB and Sinopharm have mutually agreed to terminate the Collaboration Agreement dated 29 September 2020 signed earlier with no claim against each other.

KIB has notified K Star Healthcare on the  above development, and upon further discussion between the Parties, the Board of Directors of SAG (“Board”) wishes to announce that KIB and K Star Healthcare have mutually agreed to terminate the MoU entered into between the Parties in relation to the appointment of K Star Healthcare as the Sale Agent for COVID-19 vaccines in Malaysia, with effect from today, 17 May 2022 (“Termination of MoU”). The Termination of MoU does not contravene any of the provisions of the MoU and the Parties shall have no claim against each other.

The Board is of the view that, the Termination of the MoU will not have any material effect on the earnings of the Company and net assets of the Group for the financial year ending 31 December 2022.

This announcement is dated 18 May 2022.

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