Pharmaniaga confirms MD Farshila Emran to step down on March 31

KUALA LUMPUR (Jan 21):Pharmaniaga Bhd says its managing director (MD) Datuk Farshila Emran will leave the company when her contract expires at the end of March this year, confirming a report by theedgemarkets.com earlier today.

In a statement, Pharmaniaga said Farshila, 54, will complete her full nine-year term at the helm of the company on March 31, 2020. It went on to state that Farshila is currently pursuing her PhD.

Pharmaniaga also confirmed that Mohamed Iqbal Abdul Rahman, who currently serves as chief operating officer, will become acting MD following Farshila's departure.

"Mohamed lqbal will assume the role of acting MD of Pharmaniaga until such a time an MD of Pharmaniaga is appointed. Pharmaniaga assures that it will be business as usual and there will be seamless transitions across its groups of companies, until an MD is appointed," it said.

In a separate filing with Bursa Malaysia, Pharmaniaga said Farshila, who was appointed to the board of directors on March 25, 2011, prior to becoming its MD on April 1, 2011, will leave the company due to "completion of service contract".

In the earlier report, theedgemarkets.com cited a person with knowledge of the matter that the board of Pharmaniaga will not be extending Farshila's contract, when her current contract expires in April.

As at Feb 28, 2019, Pharmaniaga is 67.32% owned by Lembaga Tabung Angkatan Tentera, of which 56.09% is held through Boustead Holdings Bhd.

According to Pharmaniaga's Annual Report 2018, Farshila founded Idaman Pharma Sdn Bhd (IPSB) in 2001 and started her venture in the highly-regulated pharmaceutical industry. Under her leadership, IPSB developed a synergistic partnership with Boustead and facilitated the acquisition of Pharmaniaga by Boustead in 2011.

Pharmaniaga shares closed 2 sen or 0.97% higher at RM2.09 today, bringing a market capitalisation of RM545.97 million.

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