The embattled pharmaceutical company has formed an interim executive committee (exco) to assume the responsibilities and perform the functions of the CEO.

Non-independent non-executive director Ahmad Shahredzuan Shariff will chair the exco. The other members of the exco are deputy CEO Zulkifli Jafar, chief operating officer Iqbal Abdul Rahman and chief financial officer Norai’ni Ali.

The company had posted a loss of RM664.39 million in the three months to Dec 31, last year, its largest quarterly loss ever.

The financial setback is said to have been driven by a RM552.3 million impairment of unsold Covid-19 vaccines.

This led to Pharmaniaga being listed as an “affected issuer” under Practice Note 17 (PN17).

In the latest filing to Bursa, the company also announced that in line with its PN17 regularisation plan, the exco will report to the newly-formed PN17 board committee taskforce chaired by independent non-executive director Lim Thean Shiang.

The company added that “further announcements shall be made in the event of material developments on this matter”.

At the time of writing, Pharmaniaga’s share price had fallen 3.28%, trading at 30 sen with 4.97 million shares changing hands.