By AZALEA AZUAR
WIDAD Group Bhd signed a memorandum of collaboration (MoC) with Rinani Dynamic Sdn Bhd to distribute, market and sell Covid-19 vaccine developed by Vaxart Inc, as well as its other products.
Vaxart, a US biotechnology company, developed an oral tablet Covid-19 vaccine known as Vxa-Cov2-1.
“The MoC is to establish a collaboration for the preliminary understanding of arrangement for the collaboration between the parties in distributing, marketing and selling the vaccine, subject to the terms and conditions of the MoC,” Widad said in a Bursa filing yesterday.
Upon the execution by both parties, the MoC shall take effect for a period of one year.
“The collaboration is for a period of one year upon the execution by both parties hereto and may be mutually extended by both parties. The collaboration is terminated in the event of a mutual termination by both parties,” it said.
On Nov 29, Rinani Dynamic was appointed by Hong Kong company Majoritas Global Ltd as its exclusive partner in Malaysia to present, discuss and negotiate with the relevant authorities and parties relating to terms and conditions for testing, evaluating, placing on the market, contracting, financing and purchasing of the vaccine and other products in Malaysia.
Rinani Dynamic is a local company engaged in investment advisory services and other management consultancy activities.
Since the 1990s, Widad has ventured into different fields such as construction and facility management in order to fulfil the growing needs of Bumiputera contractors to serve Malaysia’s rapid growth.
The company plans to penetrate into the integrated facility management industry. Widad’s top projects include servicing Istana Negara and Johor Baru Sentral.
Earlier this year, Widad Builders Sdn Bhd, which is Widad’s wholly-owned unit, managed to secure a RM21.38 million five-year project from the Marine Department.
Widad Builders will provide facility management and maintenance services at both passenger terminals and jetties in Kuala Perlis in Perlis; and Kuah and Kuala Kedah in Kedah. The contract will run from Jan 1, 2021 to Dec 31, 2025.