OTHERS KEY ALLIANCE GROUP BERHAD - CONSENT GIVEN TO TREE MED SDN. BHD. TO ENTER INTO A MEMORANDUM OF UNDERSTANDING WITH SELCARE PHARMACY SDN. BHD.
|KEY ALLIANCE GROUP BERHAD|
KEY ALLIANCE GROUP BERHAD - CONSENT GIVEN TO TREE MED SDN. BHD. TO ENTER INTO A MEMORANDUM OF UNDERSTANDING WITH SELCARE PHARMACY SDN. BHD.
With reference to the earlier announcements dated 11 March 2021, 17 March 2021, 28 April 2021, 6 May 2021 and 25 May 2021 in relation to the Proposed Acquisition of Tree Med Sdn. Bhd. (“Treemed”), the Board of Director of Key Alliance Group Berhad (“KAG” or “the Company”) wishes to update that the shareholders of the Company had at the Extraordinary General Meeting held on 25 May 2021 approved the Proposed Acquisition of Treemed and the completion of the Share Sale Agreement (“SSA”) is pending the fulfillment of the conditions precedent.
As part of the compliance to the terms of the SSA, Treemed has requested for KAG's written consent to enter into a Memorandum of Understanding (“MOU”) with Selcare Pharmacy Sdn. Bhd. (“SPSB”). KAG has vide its letter dated 8 June 2021 consented for Treemed to enter into the MOU.
INFORMATION ON SPSB
SPSB is in the business of stores specialized in retail sale of pharmaceuticals, medical and orthopaedic goods.
SALIENT TERMS OF MOU
1. Treemed and SPSB have agreed to enter into a collaborative partnership agreement whereby Treemed shall supply the Covid-19 RTK Test kit with machine placement to SPSB and SPSB shall purchase the Covid-19 RTK Test kit during the agreement period (“Collaboration”).
2. Treemed will be a Non-Exclusive Vendor of SPSB for the:
a) Standard F Covid-19 Ag FIA;
b) Standard Q Covid-19 Ag Test; and
c) Placement of 17 units F200 Analyzer.
3. Both parties to the MOU shall conclude negotiations on a definitive collaborative partnership agreement governing the terms and conditions of the Collaboration by maintaining open and regular communication and promptly resolving or attempting to resolve problems in a mutual and amicable manner.
4. The MOU shall be valid from 8 June 2021 and will continue for a period of six months. The MOU shall terminate by a notice in writing by either Treemed or SPSB or upon the parties entering into the definitive agreement for the Collaboration.
This announcement is dated 8 June 2021.
Please refer attachment below.
|Company Name||KEY ALLIANCE GROUP BERHAD|
|Date Announced||08 Jun 2021|
|Category||General Announcement for PLC|