Independent auditor raises going concerns about Pharmaniaga

KUALA LUMPUR: Pharmaniaga Bhd ’s independent auditors, Messrs PricewaterhouseCoopers PL has reported a material uncertainty related to going concern in its independent auditors’ report dated March 29, 2024.

In a filing with Bursa Malaysia, Pharmaniaga said the audit firm cited the group’s and the company’s current liabilities exceeded their current assets by RM895mil and RM439mil respectively, and the group recorded a capital deficiency of RM274.1mil as of Dec 31, 2023.

The auditors noted that the group and the company incurred net loss of RM78.7mil and RM63.3mil respectively during the year ended Dec 31, 2023.

“These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the group and company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.”

“Barring any unforeseen circumstances, the group expects to resolve the issues relating to the material uncertainty upon the implementation of the proposed regularisation plan,” Phamaniaga said.