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OTHERS BIOALPHA HOLDINGS BERHAD ("BIOALPHA" OR "THE COMPANY") TERMINATION OF PROCUREMENT AND DISTRIBUTION AGREEMENT ENTERED INTO BETWEEN BIOALPHA INTERNATIONAL SDN. BHD. ("BISB"), A WHOLLY-OWNED SUBSIDIARY OF BIOALPHA HOLDINGS BERHAD, AND SHANGHAI BUKUN TRADING CO., LTD ("SBTC"), A WHOLLY-OWNED SUBSIDIARY OF SINOPHARM ("HAINAN") HEALTH INDUSTRY CO., LTD.

BIOALPHA HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
BIOALPHA HOLDINGS BERHAD ("BIOALPHA" OR "THE COMPANY")
TERMINATION OF PROCUREMENT AND DISTRIBUTION AGREEMENT ENTERED INTO BETWEEN BIOALPHA INTERNATIONAL SDN. BHD. ("BISB"), A WHOLLY-OWNED SUBSIDIARY OF BIOALPHA HOLDINGS BERHAD, AND SHANGHAI BUKUN TRADING CO., LTD ("SBTC"), A WHOLLY-OWNED SUBSIDIARY OF SINOPHARM ("HAINAN") HEALTH INDUSTRY CO., LTD.

INTRODUCTION

 

Reference is made to the Company’s announcement made on 25 January 2021 pertaining to the Procurement and Distribution Agreement entered between BISB and SBTC (“Agreement”). Unless otherwise stated, all definitions and terms used in this announcement shall have the same meaning as defined in the announcement dated 25 January 2021.

 

The Board of Directors of Bioalpha wishes to announce that BISB, a wholly-owned subsidiary of the Bioalpha and SBTC mutually agreed to terminate the Agreement with immediate effect (“Termination”).

 

RATIONALE FOR THE TERMINATION

 

The Board of Directors and the Management are of the opinion that it is not viable for BISB and the Company.

 

FINANCIAL EFFECTS OF THE TERMINATION

 

The Termination is not expected to have any effect on the issued share capital and substantial shareholders shareholding of Bioalpha. It is also not expected to have any material effect on the net assets and earnings per share and gearing of the Group for the financial year ending 31 December 2021.

 

INTEREST OF DIRECTORS, MAJOR SHAREHOLDERS AND PERSONS CONNECTED TO THEM

 

None of the Directors, major shareholders and persons connected with the Directors and/or major shareholders of Bioalpha, have any interest, direct or indirect, in the Termination.

 

APPROVALS REQUIRED

 

The Termination is not subject to the approval of the shareholders of Bioalpha or any governmental authorities.

 

This announcement is dated 3 September 2021.






Announcement Info

Company Name BIOALPHA HOLDINGS BERHAD
Stock Name BIOHLDG
Date Announced 03 Sep 2021
Category General Announcement for PLC
Reference Number GA1-03092021-00065




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