LYC HEALTHCARE'S SUBSIDIARY SIGNS COVID-19 VACCINE DISTRIBUTION AGREEMENT
KUALA LUMPUR, June 21 -- LYC Healthcare Bhd’s wholly-owned subsidiary, LYC Medicare Sdn Bhd, has entered into a distribution agreement with YTB Healthcare Sdn Bhd, a 70 per cent-owned subsidiary of Yong Tai Bhd, to be the distributor of the inactivated COVID-19 vaccine developed by Shenzhen Kangtai Biological Products Co Ltd.
Shenzhen Kangtai Biological Products is Yong Tai’s strategic partner.
In a filing with Bursa Malaysia today, LYC Healthcare said in the agreement, the company would leverage on its extensive network of healthcare, corporate and individual partners for the sale and marketing of the vaccine upon the receipt of approval for its sales and use by the relevant authorities in Malaysia.
“With the agreement, the enlarge LYC Group would be able to enhance its capability as a healthcare provider to provide wider range of services, including but not limited to, postpartum care, senior living care, child care, cosmetic and aesthetic, fertility, general medical and specialised medical service.
“LYC Group believes that the agreement is in the best interests of the company and its shareholders because of the diversification of revenue stream through the sale and distribution of vaccines in light of the COVID-19 pandemic,” it said.
It added that the agreement also provided the company an opportunity to continuously expand its range of healthcare services and market footprint in Malaysia as well as to sustain further competitive advantage within the healthcare sector.
-- BERNAMA
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