METRONIC GLOBAL BERHAD - TERMINATION OF MEMORANDUM OF AGREEMENT ("MOA") BETWEEN MEDIGEN VACCINE BIOLOGICS CORPORATION ("MVC") AND METRONIC GLOBAL BERHAD
| METRONIC GLOBAL BERHAD |
| Type | Reply to Query |
| Reply to Bursa Malaysia's Query Letter - Reference ID | IQL-05012021-00003 |
| Subject | METRONIC GLOBAL BERHAD - TERMINATION OF MEMORANDUM OF AGREEMENT ("MOA") BETWEEN MEDIGEN VACCINE BIOLOGICS CORPORATION ("MVC") AND METRONIC GLOBAL BERHAD |
| Description | METRONIC GLOBAL BERHAD ("METRONIC" OR "THE COMPANY")
- ADDITIONAL INFORMATION ON THE TERMINATION OF MEMORANDUM OF AGREEMENT ("MOA") BETWEEN MEDIGEN VACCINE BIOLOGICS CORPORATION ("MVC") AND METRONIC GLOBAL BERHAD |
| Query Letter Contents | We refer to your Company’s announcement dated 5 January 2021, in respect of the aforesaid matter.
1) To elaborate on the reason(s) for the termination of the MOA between the Company and MVC to obtain exclusive distribution rights for MVC’s COVID-19 vaccine.
2) It was stated in the Company’s press release dated 20 November 2020 that within a month after the signing of the MOA, Metronic Medicare Sdn Bhd shall deposit US$1.5 million with MVC and apply the refundable deposit to the purchase price of orders for the Finished Product. To state whether such amount has been deposited with MVC. If so, to state on whether such amount is refundable directly to the Company in view of the termination of the MOA.
Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.
Yours faithfully, Regulation
Cc : Market Surveillance Dept. , Securities Commission (via fax) |
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We refer to METRONIC’s announcement dated 5 January 2021 (“Announcement”) in relation to the Termination of Memorandum of Agreement between Medigen Vaccine Biologics Corporation and Metronic Global Berhad, and query from Bursa Malaysia Securities Berhad ("Bursa Securities") vide its letter dated 5 January 2021 in relation to the same (“Bursa Queries”).
The Company wishes to announce the following as required by Bursa Securities:-
1. To elaborate on the reason(s) for the termination of the MOA between the Company and MVC to obtain exclusive distribution rights for MVC’s COVID-19 vaccine.
The MOA was terminated because the deposit of US$1.5 million was not paid to MVC within the agreed timeframe.
2. It was stated in the Company’s press release dated 20 November 2020 that within a month after the signing of the MOA, Metronic Medicare Sdn Bhd shall deposit US$1.5 million with MVC and apply the refundable deposit to the purchase price of orders for the Finished Product. To state whether such amount has been deposited with MVC. If so, to state on whether such amount is refundable directly to the Company in view of the termination of the MOA.
No deposit was paid to MVC.
This announcement is dated 6 January 2021. |
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Announcement Info
| Company Name | METRONIC GLOBAL BERHAD |
| Stock Name | MTRONIC |
| Date Announced | 06 Jan 2021 |
| Category | General Announcement for PLC |
| Reference Number | GA1-06012021-00038 |