Thursday, 3 April 2014

Pharmaniaga ties up with Saudi firm to build RM120mil factory in Riyadh

PETALING JAYA: Pharmaniaga Bhd is teaming up with Modern Group, one of the largest companies in Saudi Arabia, to build a RM120mil manufacturing plant in Riyadh.

Pharmaniaga chairman Tan Sri Lodin Wok Kamaruddin said the 50:50 joint venture was part of the company’s strategy to accelerate the growth of its pharmaceutical business and to capture the rapidly growing opportunities in Saudi Arabia.       

Lodin said besides its plants in Saudi Arabia and Indonesia, which it acquired last year, the generic drug maker also aimed to penetrate other Asean countries such as Myanmar, Vietnam, the Philippines and Thailand.

“At the same time, we are looking at enhancing our retail pharmacy outlets.       

“At present, we have one in Shah Alam under the Royale Pharma brand.

“We are now working closely with several organisations and companies to see if we can establish more outlets in the country,” he told a media briefing after Pharmaniaga’s annual general meeting here yesterday.

He added that Pharmaniaga’s parent company, Boustead group, owned and operated more than 300 petrol kiosks nationwide and soon all these locations would be selling the Royale Pharma products.

Pharmaniaga reported a lower pre-tax profit of RM93mil for the year ended Dec 31, 2013, down 10% from RM103mil previously.

However, its revenue rose to RM1.9bil from RM1.8bil a year ago.

This was attributable to strong contributions from the group’s non-concession business and organic growth in the concession business as well as new tenders that it secured. — Bernama

Source: http://www.thestar.com.my/Business/Business-News/2014/04/03/Pharmaniaga-ties-up-with-Saudi-firm-Joint-venture-to-build-RM120mil-factory-in-Riyadh/

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