Pharmaniaga says slow-moving stocks of Covid-19 vaccines with shelf life has triggering the criteria of Practice Note 17 (PN17) which means the company is in financial distress.
The slow businesshas resulted in a loss before and after taxation of RM580.8 million and RM605 million, respectively. Despite the financial setback, the company is in negotiations with local and overseas parties to sell their vaccines and is optimistic about the outcome.
The company has assured stakeholders that it remains committed to formulating a regularisation plan to strengthen its financial standing and ensure its core business activities remain viable with growth prospects, while servicing its financial obligations.
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