Pharmaniaga CEO Resigns Amidst The Company’s PN17 Regularisation Plans

Pharmaniaga Berhad has informed the resignation of its Chief Executive Officer, Datuk Zulkarnain Md Eusope who has submitted his notice which will take effect from 14 March 2023.  

The beleaguered group said it will continue its business as usual with the interim Executive Committee comprising of Ahmad Shahredzuan Mohd Shariff (Non-Independent Non-Executive Director), Encik Zulkifli Jafar (Deputy Chief Executive Officer), Encik Mohamed Iqbal Abdul Rahman (Chief Operating Officer) and Puan Norai’ni Mohamed Ali (Chief Financial Officer) will be taking over the responsibility and perform the functions of the Chief Executive Officer.

In relation to the PN17 Regularization Plan, the EXCO will report to the newly formed PN17 Board Committee Taskforce chaired by Datuk Lim Thean Shiang, Independent Non-Executive Director.

This comes after the group reported a loss for 2022, which it announced in its Bursa filing on 27 February 2023. Bursa added that it would like to emphasise that it will continue to monitor the progress of PHARMA in respect of its compliance with the Main Market Listing Requirements.

For the year ended 31 December 2022, the Group registered a lower revenue by 27.1% against the previous year as there was lower demand from the government for the purchase of Covid-19 vaccines. The Group posted LBITDA and LBT of RM505.3 million and RM580.8 million respectively in FY2022 decreasing from EBITDA and PBT of RM342.3 million and RM277.1 million respectively in the previous year.

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