KUALA LUMPUR (Oct 27): Kanger International has entered into a heads of agreement (HoA) with a Dubai-based pharmaceutical company to purchase Covid-19 rapid testing kits for distribution within Malaysia.
In a filing with Bursa Malaysia, the bamboo flooring manufacturer said the HoA with Sparmak Medical Equipment Trading LLC will take effect once the medical device authorisation is granted to the product by the Malaysian health authorities.
Kanger proposes to purchase one million sets of the rapid detection kit that uses the Loop-mediated Isothermal Amplification (LAMP) technology, each of which contains a nasal swab, sterile water and filter tip.
The group said the HoA is in line with its plans to grow its healthcare segment, as it capitalises on its partnership with Sparmak to introduce new Covid-19 testing solutions using the LAMP technology in Malaysia.
“Given the affordability, speed and accuracy of the LAMP technology, these Covid-19 testing solutions are already being used globally at various locations such as the Heathrow Airport (in London), as well as Hong Kong International Airport,” it said.
Shares in Kanger finished half a sen or 10% higher at 5.5 sen on Wednesday, valuing the group at RM328.83 million. The counter saw 20.35 million shares traded.