UCrest rises on deal with Sputnik V Covid-19 vaccine contract manufacturers

UCrest rises on deals with Sputnik V Covid-19 vaccine contract manufacturers

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KUALA LUMPUR (May 20): UCrest Bhd’s share price rose more than 10% in morning trade on Bursa Malaysia today on news the group yesterday signed agreements with two contract manufacturers in China to produce the Sputnik V Covid-19 vaccine.

At 10.01am today, UCrest shares were traded up 4.5 sen or 13.64% at 37.5 sen.

It was Bursa’s most active stock so far, with some 106 million shares traded.

Yesterday, UCrest said in a Bursa filing the company had signed the agreements with two contract manufacturers in China and secured the capacity to produce between 312 million and 960 million doses of the Sputnik V vaccine for 24 months.

“The agreements are not expected to contribute positively to net assets per share and earnings per share (EPS) of the UCrest group for the financial year ending May 31, 2021 (FY21) but expected to contribute positively to the group’s net assets per share and EPS in subsequent years when deliveries of the Sputnik V vaccine are made,” said UCrest, which did not specify in the filing the names of the contract manufacturers.

More to come