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OTHERS SUNZEN BIOTECH BERHAD - CESSATION OF BUSINESS OPERATIONS FOR ANIMAL HEALTH DIVISION

SUNZEN BIOTECH BERHAD

Type Announcement
Subject OTHERS
Description
SUNZEN BIOTECH BERHAD
-	CESSATION OF BUSINESS OPERATIONS FOR ANIMAL HEALTH DIVISION
Sunzen Biotech Berhad (“Sunzen” or “Company”) wishes to announce that as part of the Company’s business strategy transformation aimed at revitalising the financial performance of the Company, the Company will commence the process of cessation of business operations of Animal Health (“AH”) division in order to reduce the financial expenditures and strengthen the financial performance of the Company.

The AH division has been continuously incurring losses for the past financial years amidst the challenging business environment which has strained the overall financial condition of the Company despite concerted efforts of the management team to overcome the challenging business environment for the animal health industry.

A summary of the audited financial performance of the AH division for the past 5 financial years ended 31 December is appended herewith for information:
 
2018
2019
2020
2021
2022
Revenue (RM'000)
 15,303
11,954
16,462
12,048
5,838
Revenue contribution to the Group on consolidated basis (%)
5.09
4.97
20.02
13.32
6.01
Loss before taxation (RM'000)
 7,489
14,241
13,478
3,082
4,672
Going forward, the Company would focus its resources on the existing business in human health and loan financing of which had respectively contributed 84.19% and 9.80% for the total revenue of the Company for the financial year ended 31 December 2022.

The Company and its Board of Directors are of the view that AH division is no longer commercially sustainable and consider that the cessation of the business operations of AH division is in the best interest of the Company and the shareholders as a whole. The cessation of operations of AH division will not have any material effect on the operations and financial performance of the Company for the financial year ending 30 June 2024.

This announcement is dated 8 April 2024.





Announcement Info

Company Name SUNZEN BIOTECH BERHAD
Stock Name SUNZEN
Date Announced 08 Apr 2024
Category General Announcement for PLC
Reference Number GA1-05042024-00030



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