Phamaniaga submits regularisation plan to Bursa

PETALING JAYA: Pharmaniaga Bhd has submitted its regularisation plan to Bursa Malaysia, marking a critical milestone in its efforts to recover, enhance its financial standing and exit Practice Note 17 (PN17) status.

The pharmaceutical group, in a statement, said the regularisation plan outlines a holistic approach to increase the equity of the group and minimise the group’s accumulated losses.

“The rights issue offers the existing shareholders the opportunity to increase their participation in the future upside of Pharmaniaga, alongside a private placement aimed at drawing potential strategic investors to contribute to the group’s value enhancement and growth in the healthcare sector,” it said.

The Group's major shareholders, Lembaga Tabung Angkatan Tentera (LTAT) and Boustead Holdings Bhd (BHB) have committed to ensure their combined entitlement to the rights issue, totalling RM190mil to be fully taken up.

“Pending approval from Bursa Malaysia, the plan is projected to be fully implemented in the fourth quarter of the fiscal year ending Dec 31, 2024,” Pharmaniaga said.