Pharmaniaga takes up financing facility under StanChart’s RM4.17b fund


KUALA LUMPUR: Pharmaniaga Bhd has taken up a financing facility from Standard Chartered Malaysia for the import and distribution of Sinovac Covid-19 vaccines to the public and private sectors.

In a joint statement on Wednesday, they said Pharmaniaga is the latest recipient of the bank’s not-for-profit US$1bil (RM4.17bil) financing commitment to battle the Covid-19 pandemic.

“The additional supply is expected to contribute positively to the country-wide vaccine rollout by providing more people with access to vaccines as the country pushes towards its objective of achieving herd immunity by the end of 2021, ” they said in the statement.

They pointed out the National Covid-19 Immunisation Programme was the key to Malaysia’s economic growth and recovery this year.

Pharmaniaga group managing director Datuk Zulkarnain Md Eusope said the company was completing the contractual supplies of 12 million doses of Sinovac vaccines four months ahead of its delivery schedule, from November to July 2021.

He said StanChart’s financing facilities would help Pharmaniaga 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.

StanChart’s financing initiative, which was announced during the height of the pandemic in early 2020, avails funds on a non-profit basis to companies involved in combating the Covid-19.

The fund also covers manufacturers and distributors who are planning to make the switch to produce goods and services that are essential to fighting the pandemic.

StanChart Malaysia managing director and CEO Abrar A. Anwar said access to funds is crucial to Malaysia’s economic recovery following a crisis of this magnitude.

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