KUALA LUMPUR – UCrest Bhd’s wholly owned subsidiary UCrest Technology Ltd (UTL) has signed a master service agreement with a Russian Direct Investment Fund (RDIF) unit for the production of the Sputnik V Covid-19 vaccine.
UTL today sealed the deal with Human Vaccine Ltd Liability Company, which is wholly owned by the Russian sovereign wealth fund, following a memorandum of understanding inked in April between UCrest and RDIF, said the ACE Market company in a stock exchange filing.
The agreement is for a one-year period and renewable for another year, said the developer and marketer of IT-related products and services.
“Human Vaccine will purchase the vaccines from UTL, and UTL will be outsourcing the production to manufacturing partners.”
UCrest said barring any unforeseen circumstances, the master service agreement is expected to contribute positively to its future earnings and net assets per share for the duration of the deal.
At 2.48pm, UCrest shares rose 2 sen to 35 sen, with 27.2 million units transacted. – Bernama, September 6, 2021
