KUALA LUMPUR: 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 it.
The Penang-based company manufactures rubber components for many industries including medical industry.
MQTech said Kibaru had agreed in principal to get supply of Covid-19 vaccine from Fosun International Ltd, a China company which reported US$20.7 billion revenue in 2019.
"This (potential) vaccine will be distributed to clinics and hospitals in Asean region together with our current products such as polymerase chain reaction (PCR) test kits.
"Currently, Kibaru intends to sell its medical appliances to this giant conglomerate and source Covid-19 PCR test kits from the same company," Kibaru managing director Ong Chong Joo said in a statement today.
Kibaru was incorporated in 1996, growing from a small research and development (R&D) entity in the mid- 80s to become a leading manufacturer of rubber components in Asia Pacific.
Kibaru's many significant creative and technological breakthroughs through the years had exerted much influence on the development and growth of the rubber component manufacturing industry, MQTech said.
It said Kibaru has wide experiences working with many local companies as well as international corporations in the IT, electronics, audio-visual, telecommunication, automotive, pharmaceutical and home appliance Industries, among others.
MQTech executive director Terence Cheah Eu Lee said the PCR test kit from Fuson was accurate and can generate result within an hour.
"We are also planning to set up test-cum-vaccination centre at strategic location around the Asian region," he said.