“The provision of RM552mil was made for 14 million doses of the Sinovac vaccine. We are talking with a big company to offtake half of the stock or seven million doses to be sold overseas. We expect to sign the agreement soon," said Zulkarnain.
ALMOST RM216mil or 38% of Pharmaniaga Bhd
’s market capitalisation was wiped off in just a week, after a RM552mil vaccine provision sparked a panic among investors in the stock.
The pharmaceutical player had to make the provision for “slow-moving stocks of Covid-19 vaccines”, in accordance with accounting standards. This pulled the company into the red with a net loss of RM607.32mil in the financial year ended Dec 31, 2022 (FY22).
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