mTouche trading volume jumps on Covid-19 test kit distribution deal

KUALA LUMPUR (April 15): mTouche Technology Bhd’s share trade volume jumped above 100 million units this morning, from some 48 million shares yesterday after the company said its wholly-owned subsidiary mTouche International Sdn Bhd (MISB) signed a supply agreement with Network Global Solutions Pty Ltd (NGS) to distribute novel coronavirus (2019-nCoV) detection, diagnostic and rapid test kits besides medical products across Southeast Asia.

The 2019-nCoV is now officially known as the Covid-19 virus.

"NGS will sell the products as required by MISB and MISB agrees to purchase for the price subject to the terms and conditions of this agreement, for its day-to-day sales and distributing activities during the terms of this agreement,” mTouche Technology said in a Bursa Malaysia filing yesterday.

At 10:13am today, mTouche Technology saw some 115 million shares traded, making the stock the top-active counter across the exchange.

mTouche Technology shares were traded two sen or 28.57% higher at nine sen for a market capitalisation of RM45.77 million.

At a glance, the supply agreement with NGS appears to be a diversification from mTouche Technology’s core business.

mTouche Technology said in its filing yesterday that MISB already provides mobile value-added services and digital media marketing to more than 40 mobile network operators reaching out to more the 640 million subscribers across Asia.

source: The Edge Market