KUALA LUMPUR – Local pharmaceutical giant Pharmaniaga Bhd has received a financial injection from Standard Chartered Malaysia after it opted to take up a non-profit loan facility from the banking group for the import and distribution of the Sinovac Covid-19 vaccine.
Pharmaniaga group managing director Datuk Zulkarnain Md Eusope said the company is supporting the government’s fight against the pandemic by completing the contractual supplies of 12 million doses of Sinovac vaccines four months ahead of its delivery schedule, from last November to July 2021.
“We appreciate the financing facilities provided by Standard Chartered Malaysia as it will help us import and distribute the vaccines faster to the people.
“At times like these, we need to leverage on each other’s strengths and resources against one common enemy, the Covid-19 virus,” he said in a statement today.
The joint statement by Pharmaniaga and Standard Chartered revealed that the financial injection is expected to contribute positively to the country-wide vaccine roll-out by providing more people with access to vaccines as the country pushes towards its objective of achieving herd immunity by year-end.
“The success of the National Covid-19 Immunisation Programme is seen as the key to Malaysia’s economic growth and recovery this year.
According to Standard Chartered, Pharmaniaga is the fifth recipient in Malaysia of the banking group’s not-for-profit US$1 billion (RM4.17 billion) financing commitment to battle Covid-19.
Four companies in the country have so far taken up Standard Chartered’s non-profit loan facility, last year, following the banking group’s announcement in March 2020 that it would allocate a non-profit US$1 billion financing commitment globally to battle Covid-19.
It is learnt that Pharmaniaga has requested Standard Chartered not to divulge the quantum of the financial assistance to the public. At press time, the pharmaceutical company has yet to file an announcement to Bursa Malaysia on this facility.
In March, Pharmaniaga entered an agreement with the government to supply 12 million doses of the Sinovac Covid-19 vaccine to be filled and finished at its plant in Puchong, Selangor. – The Vibes, June 23, 2021
