Pharmaniaga has been classified as an affected listed issuer under PN17, after it was labelled financially distressed on Bursa Malaysia

Pharmaniaga has been classified as an affected listed issuer under PN17, after it was labelled financially distressed on Bursa Malaysia.

Last year, the government-linked pharmaceutical company faced difficulties selling Sinovac Covid-19 vaccines worth more than RM500 million.

Pharmaniaga explained it had triggered the PN17 criteria in the company’s audited consolidated financial statements for the period ended Dec 31, 2022.

The company says it is now devising a regularisation plan, in accordance with listing requirements.

This comes as the company announced its largest-ever quarterly net loss of RM664.39 million for Q4 of 2022. 

Meanwhile, Pharmaniaga assures it is in focused talks with various parties, both local and overseas to purchase the remaining Covid vaccines.

“The group is optimistic of favourable outcomes from the negotiations,” explains Pharmaniaga. 

The company also assures that the shelf life of the vaccine is still valid, amid efforts to sell the current stocks.