Pharmaniaga Bhd told to come up with a business recovery plan, Parliament told

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KUALA LUMPUR: Pharmaniaga Bhd, which is owned by the Defence Ministry's Armed Forces Fund Board (LTAT), has been told to come up with a business recovery plan to ensure continuity, the Parliament heard.

Defence Minister Datuk Seri Mohamad Hasan said that what happened to Pharmaniaga, which saw the company’s largest ever quarterly net loss of RM664.39mil in the fourth quarter ended Dec 31, 2022, was due to accounting issues.

He added that Pharmaniaga had made a decision to purchase a huge stock of Covid-19 vaccine to prepare for the national vaccination and booster programme. On Feb 27, Pharmaniaga Bhd had been classified as an affected listed issuer under Practice Note 17 of the Main Market Listing Requirements of Bursa Malaysia.

 

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