The company said this is to replace PricewaterhouseCoopers (PwC), which resigned following a formal written notice served to the group on Sept 20.

Pharmaniaga’s managing director Zulkifli Jafar said the appointment aligns with Boustead Holdings Bhd’s initiative to consolidate external audit functions across the group.

“Given Ernst & Young’s extensive familiarity with our operations and businesses, they are a natural fit for this role,” he said in a statement today.

Zulkifli said as Pharmaniaga advances its strategic initiatives and business plans, Ernst & Young’s appointment would ensure seamless alignment with all subsidiaries within the Boustead group.

Pharmaniaga is one of the largest integrated pharmaceutical groups in Malaysia.

Its annual report for the financial year ended Dec 31, 2023, showed Boustead holding 679.15 million shares, representing a 47.12% stake in the company.