PETALING JAYA: Pharmaniaga Bhd
is moving forward with its regularisation plan to exit its Practice Note 17 (PN17) status following shareholders’ approval of three key resolutions at the group’s EGM yesterday.
The three resolutions, aimed at strengthening its financial position and supporting business expansion, are a rights issue to raise gross proceeds of up to RM353.5mil; a private placement of up to RM300mil with a minimum of RM215mil; and a capital reduction through the cancellation of RM520mil in issued share capital.
Pharmaniaga’s “largest shareholders, Boustead Holdings Bhd and Lembaga Tabung Angkatan Tentera, which hold 47.1% and 7.8% respectively, have undertaken to subscribe to their entitlements under the rights issue,” it said in a statement. — Bernama
