KUALA LUMPUR: Hong Seng Consolidated Bhd's (HSC) wholly-owned subsidiary HS Bio Supplies Sdn Bhd (HS Bio) has inked a memorandum of understanding (MoU) with China-based Shijiazhuang Yiling Pharmaceutical Co Ltd (SYP).
The deal entails HS Bio to be the authorised agent to obtain relevant approvals from Malaysia's Ministry of Health (MOH) for SYP's therapeutic and health-related products.
Upon obtaining the approval, SYP will enter into a non-exclusive distributor agreement with HS Bio on the distributorship of their products.
Further, the MoU will remain valid for a period of eight months unless terminated by either party in accordance with the terms and conditions of the MOU, according to HSC's Bursa Malaysia filing today.
This collaboration with SYL provides HS Bio with a timely opportunity to drive its healthcare business forward particularly in the provision of therapeutic and health-related products.
The filing also noted that this collaboration is in line with the HSC's aim to support the nation in the fight against the
outbreak.
This MoU will not have any effect on HSC's share capital and shareholdings in the company and will not have any immediate material impact on the net assets and earnings of HSC, the filing noted.