Bursa rejects Pharmaniaga’s appeal for a second standalone private placement proposal

PETALING JAYA: Bursa Malaysia has dismissed financially distressed Pharmaniaga Bhd’s appeal to undertake a second standalone private placement proposal.

In a filing with Bursa Malaysia, the Practice Note 17 (PN17) company said Bursa Malaysia had vide its letter dated Sept 13, 2023, dismissed its appeal submitted on Aug 1, 2023 to undertake the second proposed private placement after taking into consideration the relevant facts and circumstances.

Pharmaniaga was denied a second standalone private placement to raise funds by Bursa Malaysia vide a letter dated July 26, 2023, on the basis that as a PN17 company, the private placement should be a part of its proposed regularisation plan, which it has yet to submit.