THE HEALTH | JULY , 2023

PHARMACEUTICAL COMPANY Pharmaniaga Berhad ’ s independent auditor Messrs PricewaterhouseCoopers ( PwC ) PLT has reported a material uncertainty that may cast significant doubt on the company ’ s ability to continue as a going concern .

PwC , in its audit of Pharmaniaga ’ s financial statements for the financial year ended Dec 31 , 2022 ( FY2022 ), indicated that the group ’ s current liabilities exceeded its current assets by RM632.1 million while the company ’ s current liabilities exceeded its current assets by RM411.2 million .

According to the auditor , the group also recorded a capital deficiency of RM227.4 million at end-December . “ These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the group ’ s and the company ’ s ability to continue as a going concern ,” said PwC in Pharmaniaga ’ s filing on June 20 .

Pharmaniaga expects to resolve issues related to the material uncertainty surrounding its ability

EUROPEAN WELLNESS Biomedical Group ( EW Group ), announced its partnership with HK VJM Ltd ( representing Sinopharm Cloud Health Technology ( Guandong ) Co . and Sinopharm Traditional Chinese Medicine ( Foshan ) Co .) and NCL Solutions Sdn Bhd recently .

EW Group was represented by Chairman Prof Datuk Sri Dr Mike Chan , HK VJM Ltd was represented by Guo Liang while Cindy Chong Seau Joon represented NCL Solutions Sdn Bhd .

EW Group will provide its expertise and experience in research , development , formulation , and production of nutraceuticals , skincare and cosmeceuticals , and therapeutics products . At the same time , Sinopharm will leverage its global reach and distribution network to help EW Group achieve greater heights on the world stage . Over 1,000 SKUs of EW Group ’ s proprietary products will be sold and to continue as a going concern by the second quarter of 2024 .

The group , which slipped to Practice Note 17 ( PN17 ) status in February after being hit by RM552 million impairment on Covid-19 vaccines , is formulating its regularisation plan . Pharmaniaga is expected to announce the plan to Bursa Malaysia in August , Defence Minister Datuk Seri Mohamad Hasan said recently .

Recently , Pharmaniaga announced a private placement of up

distributed under Sinopharm .

The partnership will include developing co-branded products and creating world-class health centres , which will be equipped with cutting-edge technology and staffed by highly trained healthcare professionals . Through this collaboration , both parties aim to bring world-class healthcare services and products to a broader audience and to provide accessible , affordable and innovative healthcare solutions to people around the world .

Sinopharm is one of the largest healthcare groups in China , with over 128,000 employees , 1,100 subsidiaries and a full chain in the industry covering an array of departments . The Group ’ s production lines are approved by the US FDA and EU authorities and are prequalified by the World Health Organisation ( WHO ), earning substantial recognition during the coronavirus pandemic for their

ZIMMER BIOMET Holdings , Inc ( Zimmer Biomet ), a global medical technology leader , has opened an expanded office and APAC Global Business Services Center ( GBS ) in Kuala Lumpur .

The event was officiated by Datuk Muhammad Azmi Zulkifli , CEO of InvestKL and Bryan Hanson , Chairman , President and CEO of Zimmer Biomet .

Addressing the guests at the event , Bryan Hanson said : “ Zimmer Biomet has more than 90 years of trusted leadership and proven expertise in the musculoskeletal healthcare and medical technology industry , as well as a sales presence in more than 100 countries worldwide . We are proud to seamlessly transform the patient experience through our innovative products and integrated digital and robotic technologies that leverage data , data analytics and artificial intelligence .”

Zimmer Biomet employs to 10 per cent of its total issued shares to raise RM44.54 million for working capital , particularly for payments to suppliers and trade creditors .

As at end-March , its short-term debts stood at RM1.03 billion . It had receivables of RM552.4 million and payables of RM881.1 million .

Pharmaniaga ’ s largest shareholder is Boustead Holdings Bhd with a 52 per cent stake . Boustead is being taken private by the Armed Forces Fund ( LTAT ), which controls a 97.63 per cent stake in the conglomerate .

development and distribution of the Sinopharm vaccine .

This partnership will allow EW Group to enter China ’ s market and revenue . By collaborating with local experts , EW Group can gain insights into the local market and customise its product to suit Chinese consumers ’ specific needs and preferences . The signing marks a significant milestone for EW Group ’ s business in China ’ s market , and presents growth opportunities for the company in the consumer and wellness business .

With this collaboration , both parties will bring together two giants in the healthcare industry to provide world-class healthcare services and products to people around the world . The collaboration will enhance the availability of alternative medical treatments , develop new products , and transfer knowledge and skills to millions of people .

approximately 18,000 team members worldwide , with 3,740 permanent team members in the APAC region and 100 in Malaysia .

Sang Yi , Group President for Asia Pacific of Zimmer Biomet , added that Malaysia ' s established GBS market of over 20 years , a robust multilingual and digitally savvy talent pool , and its ability to maintain business continuity during the pandemic solidified the decision to locate the Zimmer Biomet GBS Center in the country .

SUNWAY SANCTUARY , a flagship senior living residence by Sunway Healthcare Group ( Sunway Healthcare ) is now operational in Malaysia .

This retirement living residence will bring together retirees and semiretirees to receive premium care for their lifestyle , health , and well-being . It is part of the group ’ s plans to meet the growing demand for an upscale and exclusive senior living community in Greater Kuala Lumpur .

Dato Lau Beng Long

President of Sunway Healthcare Datuk Lau Beng Long said : “ Our goal is to be the epitome of comfort and luxury for senior living , a product that offers homely living with exceptional service , convenience , security , and most importantly , quality healthcare .”

He emphasised that residents would only have to pay a monthly fee to enjoy everything the residence offers , including lodging , meals , facilities , amenities , activities , and services , instead of purchasing a retirement property and entering into a long-term commitment .

Sunway Sanctuary , a fully serviced residence with 235 well-appointed studios , and one and two-bedroom serviced suites , is designed around six key pillars , each aimed at providing an exceptional living experience . These include a convenient location within an integrated city , where a wide range of services and amenities are available within walking distance .

The development also prioritises holistic wellness , focusing on nurturing the mind , body , and soul . Residents can enjoy curated experiences such as workshops , excursions , and celebrations that foster new friendships with like-minded peers .

The development includes thoughtful amenities for leisure , wellness , and fitness , ensuring residents can access everything they need for an active and healthy lifestyle . Purposeful architecture and tasteful interior design prioritising comfort , safety , and accessibility ensure elegant living . The Sunway Medical Centre is annexed to Sunway Sanctuary , giving locals quick access to top-notch medical care .

A total of 100,000 sq ft of wellness and lifestyle facilities is available for the residents ’ enjoyment . This includes a heated , saltwater infinity pool and viewing deck with a remarkable view of Sunway City Kuala Lumpur , a stateof-the-art gym for fitness enthusiasts , an outdoor terrace for yoga and meditation , a library with co-working spaces , games rooms , a movie theatre , karaoke lounges , an all-day dining restaurant , and meeting and function rooms for private events or community activities .