PETALING JAYA: Pharmaniaga Bhd’s shares rose 12% in today’s early trade following confirmation by the health ministry that its concession agreement to provide medicine and medical supplies to the ministry’s facilities has been extended for 10 more years.
The counter gained 4.5 sen to 42 sen as at 9.30am today with 33.75 million shares trading hands.
Last December, the health ministry extended the concession agreement for another six months until the end of June so that a new deal could be facilitated.
The company had an unfavourable start to the year, having been classified under the financially troubled Practice Note 17 category in February.
It recorded a net loss of RM607.32 million for the financial year ended Dec 31, 2022 against a net profit of RM172.15 million in the previous year.
Its revenue, meanwhile, slid 27.1% to RM3.51 billion from RM4.82 billion due to a drop in demand for Covid-19 vaccines by the government.
The pharmaceutical company had initially won a concession agreement, through its wholly-owned subsidiary Pharmaniaga Logistics Sdn Bhd, to supply public health facilities with medicine and medical supplies in 1994.
Pharmaniaga is currently controlled by Boustead Holdings Bhd which holds 52% of the company’s shares.
Boustead’s parent entity Lembaga Tabung Angkatan Tentera also holds an 8.6% direct stake in Pharmaniaga. - FMT
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