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ios developer account:MoA terminated as deposit not paid

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In response to a query from Bursa Malaysia Securities yesterday, due to the non-payment of the deposit, Metronic said the memorandum of agreement (MoA) – which was signed on Nov 20 – was terminated on Dec 31. Under the MoA, its unit Metronic Medicare Sdn Bhd was to have deposited the US$1.5mil within 20 days after the signing. KUALA LUMPUR: Metronic Global Bhd and Medigen Vaccine Biologics Corp (MVC) terminated a plan for the exclusive distribution of the latter’s Covid-19 vaccine as the US$1.5mil refundable deposit was not made within the agreed timeframe. In response to a query from Bursa Malaysia Securities yesterday, due to the non-payment of the deposit, Metronic said the memorandum of agreement (MoA) – which was signed on Nov 20 – was terminated on Dec 31. Under the MoA, its unit Metronic Medicare Sdn Bhd was to have deposited the US$1.5mil within 20 days after the signing. The MoA was to obtain exclusive distribution rights for the vaccine in Malaysia and potentially other areas. It went so far as to forecast RM180mil profit from Covid-19 vaccine distribution. MVC is a comprehensive biopharmaceutical manufacturer incorporated in Taiwan. It had developed a Covid-19 vaccine which has entered clinical development and it was seeking third parties to distribute the vaccine in Malaysia and potentially other areas. Under the MoA, MVC was to supply from one million to three million doses of finished product during calendar year 2021. But this hinged on Metronic Global notifying MVC on or before Dec 31 of its commitment to purchase such number of doses. The company had also announced a financial forecast of RM180mil profit from Covid-19 vaccine, which prompted a query from Bursa Malaysia Securities.
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