Check SUN Paper today - news on Biosis. Chulia injecting RM5 mil and plan to discuss manufacturing agreement with Pharmaniaga and Idaman Pharma.They are in the midst of preparaing the Regularization plan to move out of PN17. Cheers
PETALING JAYA (July 15, 2013): There is too much idle capacity at Biosis Group Bhd's pharmaceutical factory in Sungai Bakap, Penang that new managing director Shahfie Ahmad (pix) has made it his top priority to get the plant up to its full potential.
"We are potentially looking at (securing) contract manufacturing (agreements) with the likes of Pharmaniaga Bhd and Idaman Pharma Sdn Bhd to manufacture certain drugs. With Pharmaniaga expanding its overseas market, we see new opportunities in increasing our manufacturing capacity,'' he told SunBiz in an interview.
Shahfie said the company plans to invest RM5 million over the next one year to acquire new technology and expand its manufacturing capabilities.
The investment, he said, will add softgel capsule and bilayer tablet manufacturing capabilities to the plant.
He also plans introduce advanced process management system to boost efficiency and quality.
"Our strategy is to introduce high-quality generic pharmaceutical products as well as super generic products which are much sought in the European market. We are eyeing new off-patent products worth more than US$440 million,'' Shahfie said.
Currently, utilisation at Biosis' pharmaceutical plant stood at 25% of its full capacity. At that rate, most factories would be running at a loss.
Biosis has been in the red since 2008. The company made a net loss of RM15.4 million on revenue of RM13.76 million for the financial year ended March 31, 2013.
Shahfie, 44, was appointed to head Biosis on April 25, 2013, with the task of leading the company's reorganisation.
The company, which was designated as a Practice Note 17 (PN17) affected issuer on June 27, 2013 as its shareholders equity was less than 50% of the total paid-up capital, is in the midst of preparing its regularisation plan to address the issue.
Shahfie said Biosis has already taken the necessary steps to steady the company. At its AGM in May, it won shareholders' approval to proceed with plans to dispose of its Cosmoceutical plant and business.
"There is still a lot of potential in the personal care business, but we will need to look on restrategising our move in that segment.
"Our focus is now on growing the healthcare business, especially in pharmaceutical and biomedical segments." he said.
The vice-president of the Malaysian Professional Medical Device Association brings 20 years of business experience to Biosis in a career that spans the telecommunication industry. His private companies are involved in facilities management and healthcare services.
One is Chulia Facilities Management Sdn Bhd, which provides mechanical and engineering services, including heat ventilation and air-conditioning (HVAC) contracting services at 18 government hospitals and medical institutions in Kuala Lumpur and Selangor.
Another joint venture with Dutch-based IDS International – Information Display Services Asia Sdn Bhd – is a provider of healthcare intelligence services. It offers market access to approximately over 100,500 doctor's network and 880 million patient contacts globally on an annual basis.
Shahfie's other company Chulia Biomedical Engineering Sdn Bhd provides consultancy and maintenance of medical equipment and product supply and equipment planning for several government and private hospitals.
Shahfie did not discount the possibility of injecting his own companies into Biosis, but declined to be drawn into a discussion pending a submission to Bursa Malaysia.
Wah that's very good news...PN 17 will be out soon....better queue up to buy some more before it's too late....already missed the boat earlier. Since Biosis is planning to work with Pharmaniaga & both are bumi company, I see no problem for it to go up again back to its glory day.
Hobson64, says who a PN17 company cannot raise a rights issue? One such company is Sumatec. Of course the aim is to take it out of PN17, but the regularisation will have to be put in place, and this can amount to a call for rights issue to fund the patent acquisition, Please remember this counter just falls into PN17 meaning it does not meet the capital criteria of a public listed company.
wait...I don't get it...just because I came into this forum a first timer, i'm talking bs? You guys need to grow up. The fundamentals speaks for themselves You are buying into false news brudders. even a minachi on the street knows and smells a trap in place. Anyway good luck to those dreamers.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
alpacino
385 posts
Posted by alpacino > 2013-07-12 14:47 | Report Abuse
Illuminati - what happened to the BIG news supposedly to come on Friday ?