KUALA LUMPUR: Defence Minister Datuk Seri Mohamad Hasan has revealed that there was an effort to buy out Pharmaniaga Berhad at a low price through the country's top leadership.

He said following this, he had to take the necessary steps to ensure that the buyout did not happen and vehemently denied any parties that wanted to purchase Pharmaniaga.

"Over my dead body first. Let me manage it. Let us both manage our company and I'm very sure we can develop it ourselves."

"The Defence Ministry has invested billions of ringgit to run the business, we have to manage it properly," he said.

He added that he had to cross swords with the Cabinet to defend Pharmaniaga from being purchased at a low price through 'cables' of the country's top leadership.

"I had to argue in the Cabinet meeting that Pharmaniaga almost lost its concession. You ask LTAT chief executive officer Datuk Ahmad Nazim and the Finance Ministry.

"It's not easy. Someone had made a bid through the top leaders to buy our company. They want to buy cheap," Mohamad said in his speech during the launch of the Armed Forces Fund Board Strategic Plan 2023-2025 (Sustainable25) at The Bousteador here, today.

In February, Pharmaniaga Berhad slipped into the PN17 category after it posted a net loss of RM 607.32 million for the financial year ending Dec 31, 2022 (FY2022) against a net profit of RM172.15 million in the previous year, due to lower demand from the government for the purchase of Covid-19 vaccines.

The pharmaceutical company also saw the resignation of its chief executive officer, Datuk Zulkarnain Md Eusope, in March.

In May, Pharmaniaga announced to Bursa Malaysia that its profits in the first quarter ending March 31, 2023 slumped to RM2.65 million compared to RM27.73 million in the previous year's quarter.

Earnings were also reduced by 8.5 per cent to RM880.45 million from RM962.17 million previously, most of which is due to low customer demand in the concession segment and Indonesia.

Pharmaniaga is a subsidiary of Boustead Holdings that was established in 1994.

https://www.nst.com.my/news/nation/2023/07/930586/over-my-dead-body-first-says-defence-minister-pharmaniaga-buyout-offer