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MQ Tech enters deal to buy stake in Kibaru

MQ Tech enters deal to buy stake in Kibaru

02 Sep 2020

MQ Technology Bhd (MQTech) has entered into an agreement with Kibaru Manufacturing Sdn Bhd’s shareholders to negotiate with a view of acquiring a 70 per cent stake in the manufacturer.

Kibaru is a Penang-based manufacturer of rubber components for many industries, including the medical industry.

Kibaru managing director Ong Chong Joo said the company has agreed in principal to get COVID-19 vaccine supplies from China’s Fosun International Ltd (Fosun) which reported a revenue of US$20.7 billion in 2019.

“This vaccine will be distributed to clinics and hospitals in the ASEAN region together with our products, such as the PCR test kits.

“Currently, Kibaru intends to sell their medical appliances to this giant conglomerate (Fosun) and source COVID-19 PCR test kits from the same company,” he said in a statement today.

MQTech executive director Terence Cheah Eu Lee said the company also has plans to set up test and vaccination centres in the Asian region.

Source: Bernama Posted on : 02 September 2020

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