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KUALA LUMPUR (Oct 14): Key Alliance Group Bhd has secured an exclusive agreement with South Korean company Wells Bio Inc, through its global distributor ITDF Co Ltd, which will allow it to supply Wells Bio's reverse transcription polymerase chain reaction (RT PCR) test kits to Malaysia and Singapore.

"This contract is renewable on a yearly basis automatically, providing exclusivity of the product in Malaysia and Singapore," Key Alliance said in a statement today.

The announcement comes after Key Alliance's unit, Key Alliance Sdn Bhd, was granted full power of attorney and appointed the local representative for ITDF, which will allow it to register, promote, market, sell and distribute Wells Bio Inc’s Care Gene COVID-19 RT PCR Test Kit.

“As an update, the company has reached the final stages of approval for the product to be given special access for use in Malaysia. Key Alliance has been informed that the initial vetting of the product is expected to be scheduled by this week, by the health authority committees who meet monthly, and it is expected that the testing for the validity of the product will be completed within a few weeks,” it said.

The group has also confirmed an allocation of 100,000 PCR test kits to be shipped from South Korea within this year, which will be set aside especially for Malaysia, should there be an immediate requirement.

Key Alliance director Tengku Ezuan Ismara Tengku Nun Ahmad said the need for continuous testing is greater than ever now, given rising infection numbers.

“The private sector should do its part now, and engage actively to ensure its staff are well looked after and tested regularly to avoid putting a strain on government resources. Our goal is to ensure there is sufficient supply of PCR kits to maintain testing frequencies that can help smoothen the curve,” Tengku Ezuan said.

Shares of Key Alliance closed 1.5 sen or 25% higher to 7.5 sen today, for a market capitalisation of RM73.67 million.

http://www.theedgemarkets.com/article/key-alliance-secures-exclusive-deal-distribute-wells-bios-covid19-diagnostic-kits-malaysia