Latest news with #PharmaniagaBhd
New Straits Times
2 days ago
- Business
- New Straits Times
Pharmaniaga shares soar past 45pc, volume hits two-year high
KUALA LUMPUR: Shares of Pharmaniaga Bhd soared more than 45 per cent in active trade, as buying momentum lifted trading volume to levels not seen in over two years. At 11.54am, the stock was up six sen or 38.71 per cent at 21.5 sen, with 51 million shares changing hands, its busiest day since April 20, 2023. It was the second most actively traded counter at the time. The stock opened 9.68 per cent higher at 17 sen and rose as much as 22.5 sen, up 45.16 per cent from its previous close of 15.5 sen. There have been no fresh corporate announcements aside from the renounceable rights issue of up to 3.52 billion shares announced earlier this month. On July 1, the counter went ex-rights, triggering a technical price adjustment from 23.5 sen on June 30 to 16 sen. Until today's rally, the stock had been trading between 14 sen and 16.5 sen. At 22 sen, it is now edging back toward its pre-rights issue level above 20 sen. Pharmaniaga, once weighed down by a RM552.3 million impairment from unsold Covid-19 vaccines, slipped into Practice Note 17 (PN17) status in February 2023. But the company has since returned to profitability in the financial year ended Dec 31, 2024 (FY24) and expects to stay in the black in FY25. The group is eyeing revenue of RM4 billion this year, up from RM3.8 billion in FY24, a level it last crossed in FY21. Its managing director Zulkifli Jafar has said the company aims to exit PN17 status by the end of this year or early 2026. Pharmaniaga is majority-owned by Boustead Holdings Bhd, which in turn is controlled by Lembaga Tabung Angkatan Tentera (LTAT). According to the latest annual report, LTAT holds a direct 44.47 per cent stake in the company.
New Straits Times
01-07-2025
- Business
- New Straits Times
Pharmaniaga surges on rights issue buzz, trading hits highest in nearly two months
KUALA LUMPUR: Pharmaniaga Bhd soared in heavy trade as investors piled in ahead of a high-stakes rights issue that could reshape the pharmaceutical firm's balance sheet. The counter jumped 22.2 per cent to 16.5 sen by mid-morning, emerging as the second most actively traded stock on Bursa Malaysia, with 17.05 million shares changing hands as at 11.35am. It is Pharmaniaga's busiest trading day in nearly two months, as investors react to the stock's ex-rights pricing. The rally follows the company's move to raise fresh capital through a heavily dilutive rights issue of up to 3.52 billion new shares at 10 sen each, potentially generating up to RM352.15 million in proceeds. The renounceable issue is on the basis of 12 rights shares for every five held, with entitlements fixed at 5pm tomorrow. Rights trading will begin on Thursday, giving shareholders a chance to cash in or double down. Prospectuses and allotment letters are slated for distribution on Friday, while the final day to subscribe or sell the rights is July 17. Pharmaniaga, a Practice Note 17 company, is banking on the fundraising exercise to stabilise its finances after a turbulent year marked by losses and mounting liabilities. At 16.5 sen, Pharmaniaga is valued at about RM237.8 million.
The Sun
18-06-2025
- Business
- The Sun
Pharmaniaga aims to exit P17 status by end-2025 or first-quarter 2026
KUALA LUMPUR: Pharmaniaga Bhd is targeting to exit Practice Note 17 (PN17) status as early as end-2025 or by the first quarter of 2026. Managing director Zulkifli Jafar said its RM352.2 million rights issue and private placement will be the driver of its regularisation plan. 'We are targeting, we are hoping, in the best-case scenario, we are out at the end of this year. In the worst-case scenario, we are out in the first quarter of 2026,' he said at a press conference after Pharmaniaga's 27th AGM today. Zulkifli said a substantial amount from the funds raised under the regularisation plan will be used to pare down its debt. 'That paring down of our debt alone will save about 16 million a year on interest.' Pharmaniaga has 21 market days to finalise the private placement and the rights issue together with the subscription. The group will then undertake a capital reduction exercise, expected to take about a week. 'We're targeting to complete the fundraising exercise by August,' said Zulkifli. 'By end-August, we expect to complete the entire regularisation plan.' Under Bursa Malaysia's rules, the group must record two consecutive quarters of net profit before it can exit PN17. However, Zulkifli said Pharmaniaga is seeking a waiver to shorten the wait time. 'We're proposing to consider one quarter before and one after the completion, instead of two full quarters post-completion.' As to the AGM, all 13 resolutions tabled were passed with 99% approval. 'This shows that shareholders believe in our strategy and our journey towards exiting PN17,' Zulkifli remarked. He said that for 2024, the group recorded a profit after tax (PAT) of RM133.8 million, compared with a loss of about RM78 million previously. 'We are targeting for 2025 about RM4 billion in revenue with a PAT of RM60 million. This is our target although we hope we can achieve better than that.' Pharmaniaga, a subsidiary of Boustead Holdings Bhd, was classified as a PN17 company in February 2023 after it reported major financial losses. Pharmaniaga incurred a RM552.3 million impairment due to excess inventory of Sinovac Covid-19 vaccines.
Free Malaysia Today
22-05-2025
- Business
- Free Malaysia Today
Pharmaniaga gets 3-month extension to carry out regularisation plan
Pharmaniaga said if it fails to carry out the regularisation plan within the given time frame, Bursa Securities will serve the company with a suspension notification. KUALA LUMPUR : Bursa Malaysia Securities Bhd has granted Pharmaniaga Bhd a three-month extension up to Aug 29 to implement its regularisation plan. 'The extension of time granted is without prejudice to Bursa' right to proceed to suspend the trading of Pharmaniaga's listed securities and to delist the company in the event it fails to implement its regularisation plan within the time frame or extended time frame stipulated by any of the regulatory authorities,' the company said in a filing with Bursa. Pharmaniaga said if it fails to carry out the regularisation plan within the given time frame, Bursa will serve the company with a suspension notification before suspending trading of listed securities on the sixth market date from the suspension. Pharmaniaga will then be delisted, subject to the company's right to appeal against the delisting, it said.
The Star
07-05-2025
- Business
- The Star
Pharmaniaga quarterly performance improves
The group said it will continue the implementation of its regularisation plan to exit its Practice Note 17 status. PETALING JAYA: Pharmaniaga Bhd 's net profit for the first quarter ended March 31, 2025 (1Q25) rose to RM29.58mil from RM25.65mil in the previous corresponding quarter, while revenue during the period grew to RM1.1bil, compared to RM965mil in the previous quarter. In a statement, the pharmaceutical group said the 9.4% increase in revenue was mainly supported by the manufacturing division that contributes 65% to the group's profit. Pharmaniaga's Indonesian division, however, recorded lower earnings before interest, taxes, depreciation, and amortisation (Ebitda) for the quarter under review due to the weakening of the rupiah against the ringgit. 'Excluding the impact of currency translation, the Ebitda showed an increase of 1.6%, driven by higher revenue from products of existing principals and additional sales generated from the opening of two new branches in February 2024 and one branch in October 2024,' the group said. Moving forward, the group added that it will continue the implementation of its regularisation plan to exit its Practice Note 17 status following shareholders' approval of resolutions. 'With these strategic initiatives in motion, Pharmaniaga remains focused on delivering its growth targets for 2025 and reinforcing its market position across core business segments,' it noted. As for Indonesia, the group will continue to strengthen its logistics network and manufacturing capabilities. 'Renovation of its central warehouse in Bekasi is progressing as planned and is expected to improve operational efficiency upon completion by 4Q25. 'The group has also commenced contract manufacturing activities, with additional projects in the pipeline under contract development manufacturing organisation arrangements.' Pharmaniaga managing director Zulkifli Jafar said the group was making significant progress in expanding its non-concession government business. 'During the quarter, we were awarded two major Health Ministry tenders for the supply of high-value specialty injectable medicines, Secukinumab and Enoxaparin Sodium with a combined contract value of RM97.5mil over three years,' added Zulkifli. Furthermore, he said that the group secured a RM139mil contract to supply dialysis solutions for the Social Security Organisation through 2029.
