Pharmaniaga Gloomy After Malaysia Announces Stop Using Sinovac Vaccine - Kakiforex.com - Financial Market Media No. 1 in the World Pharmaniaga Gloomy After Malaysia Announces Stop Using Sinovac Vaccine Pharmaniaga Gloomy After Malaysia Announces Stop Using Sinovac Vaccine
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July 16, 2021

Pharmaniaga Gloomy After Malaysia Announces Stop Using Sinovac Vaccine

 Shares of Pharmaniaga continued to decline by 15.5 sen or 14.9% to 88.5 sen in trading session on Bursa Malaysia today.


The decline was influenced by investors' considerations on the impact on Malaysia's decision to discontinue the delivery of the Sinovac vaccine for which Pharmaniaga is the sole prospect in the process of distributing the Chinese -made vaccine in Malaysia.


At 11.29am, Pharmaniaga's share price hit a loss of 90 sen with 70 million shares traded.


At 90 sen, Pharmaniaga gained a market value of around RM1.18 billion based on the company's 1.31 billion issued shares.



In a news report on July 15, Health Minister Datuk Seri Dr Adham Baba along with other senior ministry officials announced that Malaysia would stop giving the Covid-19 vaccine produced by China SINOVAC Life Sciences Co Ltd after its supply ended.


This is because Malaysia has a sufficient number of other vaccines to implement the Covid-19 vaccination program and it is estimated that so far Malaysia has obtained 45 million doses of Pfizer-BioNTech vaccine.


It was also reported that for individuals who have not yet received a vaccine injection, each of them will receive the Pfizer vaccine.


Based on the submission on Bursa on March 22, 2021, Pharmaniaga said that at that time its wholly -owned subsidiary Pharmaniaga Lifescience Sdn Bhd (PLSB) had entered into an agreement with the Malaysian Government to supply and distribute 200,000 doses of vaccine produced by SINOVAC Life Sciences.


According to Pharmaniga, PLSB is the product registration holder and the exclusive importer of finished products imported in Malaysia.