Metronic Global: US$1.5m not paid to Medigen within time frame

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.

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 on Wednesday, 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.