As part of a comprehensive recovery plan, Pharmaniaga Bhd has embarked on an extensive restructuring exercise that includes implementing rigorous fiscal discipline initiatives across its operations.
In a statement, the group stated that “integral to this effort are measures to clean up the books, undertake due diligence exercises, strengthen governance and internal processes to ensure transparency.”
The group is undertaking a comprehensive review of its position in all business segments, affirming every challenge and restructuring non performing business units as well as optimizing manpower and asset utilization.
But the group cautioned that these initiatives may lead to an adverse one off financial impact in the upcoming quarters. This means it will be a challenging and bumpy period for them but this strategic move should uphold their business integrity.
Their ultimate goal is to present a transparent, realistic and detailed recovery plan for the group which is expected to set a clear path for restoring its profitability and maintaining its position in the industry as a market leader.
In the meantime, Pharmaniaga Bhd also stated that the renewal of their concession agreement with the Ministry of Health is firmly under way and having received the letter of award they are in the final stage of signing the concession agreement.