MoA terminated as deposit not paid

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.