Pharmaniaga classified under PN17

PETALING JAYA: Pharmaniaga Bhd has been classified as an affected listed issuer under Practice Note 17 (PN17) of the Main Market Listing Requirements of Bursa Malaysia.

In a filing with the stock exchange yesterday, the pharmaceutical company said it had triggered the PN17 criteria pursuant to its audited consolidated financial statements for the period ended Dec 31, 2022.

A PN17 company is a listed company that does not have a core business or has failed to meet the minimum capital or equity and companies’ shareholders’ funds.

Pharmaniaga said it would need to submit a regularisation plan to the Securities Commission within 12 months if the plan will result in a significant change in the business direction or policy of the company.

It will also need to submit a regularisation plan to Bursa Malaysia if the plan will not result in a significant change in the business direction or policy of the company.

“As at the date of this announcement, the company is taking the necessary steps to address its PN17 status,” it said.