Pharmaniaga acquires Boustead’s pharma divisions

Malay Mail: KUALA LUMPUR: Pharmaniaga Bhd has acquired Idaman Pharma Manufacturing Sdn Bhd and Idaman Pharma Sdn Bhd for a total of RM99.73 million in efforts to consolidate Boustead's pharmaceuitical divisions in the country.
This will mean all pharmaceutical divisions under Boustead will be transferred to Pharmaniaga, largest integrated local healthcare company in Malaysia.
A subsidiary of Boustead Holdings Bhd, Pharmaniaga Bhd will see RM95 million capex allocation for the next year.
Pharmaniaga managing director Datuk Farshila Emran (pic) said: “Out of this amount, one-third will go towards its pharmacy information system.
She added: “Pharmaniaga plans to spend about RM30 million between 2012 and 2015 for its Sungai Petani plant expansion project and to upgrade equipment and facilities.”
"We are also looking at pumping RM23 million into the construction of a new plant in Perak, as well as, to expand the existing plant in Seri Iskandar, Perak," Farshila told reporters after the extraordinary general meeting (EGM) of Boustead Holdings and Pharmaniaga yesterday.
The EGM saw shareholders agreeing to the acquisition of two other Boustead's pharma divisions by Pharmaniaga.
Some of the developments the company has seen in the last year is the reduction of concession delivery from 60 days to seven days for West Malaysia and 10 days for East Malaysia.
Boustead Holdings Bhd deputy chairman and group managing director Tan Sri Datuk Lodin Wok Kamaruddin said Pharmaniaga would contribute about 10% to Boustead's bottomline beginning next year and this was expected to increase gradually to 15% over the next two to three years.
"The health sector, including pharmaceuticals, is one of the 12 National Key Economic Areas. We believe the prospects and future for the pharmaceutical business is going to be good," he said.
Pharmaniaga, the largest integrated local healthcare company holds a 10-year concession to purchase, store, supply and distribute pharmaceuticals and medical products to 3,750 government hospitals and clinics nationwide.
Pharmaniaga’s book value is worth some RM900 million a year.