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Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
Pharmaniaga tumbles 16% after wrapping up corporate exercises
Bursa Malaysia Securities granted Pharmaniaga a three-month extension to Aug 29 to implement its PN17 regularisation plan. PETALING JAYA : Pharmaniaga Bhd's shares fell 16% today even as it wrapped two key corporate proposals crucial to lifting the pharmaceutical group from its Practice Note 17 (PN17) classification. Its shares fell 3.5 sen to close at its intra-day low of 18 sen, giving it a market capitalisation of RM883 million. It was the 11th most actively traded stock with 51.8 million shares changing hands. The only major developments today were two bourse filings by the company providing further details on its rights issue and private placement proposals. In May, Bursa Malaysia Securities granted Pharmaniaga a three-month extension to Aug 29 to implement its PN17 regularisation plan, which comprises a RM520 million capital reduction, a rights issue, and a private placement. A massive impairment caused by its failure to offload RM552 million worth of Covid-19 vaccines sent Pharmaniaga tumbling into PN17 status in February 2023. The impairment led to its largest ever quarterly net loss of RM664.39 million for Q4 FY2022. A back-of-the-envelope calculation indicates the two corporate exercises raised a total of RM569.5 million, which will help to regularise the group's financial condition. Pharmaniaga previously estimated total gross proceeds to be raised from the rights issue and private placement at a minimum of RM560.9 million to a maximum of RM641.4 million. However, these exercises are also highly dilutive with about 5.1 billion new shares added to the share base. Today's announcements confirmed the new shares will be listed on July 31, which may explain the drop in the share price today. Pharmaniaga previously unveiled a renounceable rights issue of up to 3.52 billion shares at 10 sen per share on the basis of 12 rights shares for every five existing shares. Today's filing revealed 3.45 billion new shares were issued at the completion of the exercise, raising an estimated RM345.9 million. The company also confirmed the placement to 'third-party investors' resulted in the issuance of 1.65 billion new shares at 13.5 sen per share, raising some RM223.6 million. The placement shares were at a 6.6% discount based on the five-day volume-weighted average market price of Pharmaniaga shares of 14.46 sen as at June 16. Today's announcement did not provide details on who the third-party investors were. However, a recent report in The Edge weekly said textile wholesaler and retailer Jakel Group, Great Eastern, Koperasi Angkatan Tentera Malaysia Bhd, and shipping tycoon Halim Mohammad, were parties interested in taking up the placement shares, according to sources.
New Straits Times
04-07-2025
- New Straits Times
GOF seizes RM520,000 worth of e-cigarettes in Kelantan
TUMPAT: The General Operations Force (GOF) seized 2,600 units of electronic cigarettes worth about RM520,000 in an operation here on Wednesday. GOF Southeast Brigade commander Datuk Nik Ros Azhan Nik Abd Hamid said a man was also arrested in the 10.30am raid. He said the operation took place at an illegal jetty in Kampung Tengkorak. "The GOF team was conducting a routine operation when they spotted a suspicious four-wheel-drive vehicle parked in the area. "While they were checking the vehicle, a man approached and claimed ownership of it. "Further inspection led to the discovery of 2,600 units of electronic cigarettes, estimated to be worth RM520,000," he said. He said the man, who is a local, was subsequently arrested. He said the confiscated items were handed over to the state Domestic Trade and Cost of Living Ministry for further action. The case is being investigated under Rules 4(1), 4(2), and 6 of the Trade Descriptions (Certification and Marking of Electronic Cigarette Devices) Order 2022.
The Sun
04-07-2025
- The Sun
GOF seizes RM520,000 worth of e-cigarettes in Tengkorak raid
KOTA BHARU: The 9th Battalion of the General Operations Force (GOF) intercepted a large haul of electronic cigarettes valued at RM520,000 during a raid at an illegal base in Tengkorak near Pengkalan Kubor, Tumpat. The operation, conducted under Op Taring Wawasan Kelantan, led to the seizure of 2,600 e-cigarette devices. GOF Southeast Brigade Commander Datuk Nik Ros Azhan Nik Ab Hamid stated that the items were discovered at 10.30 am during a routine border patrol. Authorities spotted a suspicious vehicle at the location and detained a man in his 40s for further questioning. 'Further inspection revealed a large quantity of electronic cigarettes hidden in the vehicle. All seized items and the suspect were handed over to the Kelantan Ministry of Domestic Trade and Cost of Living for further action,' he said. The case is being investigated under the Trade Descriptions (Certification and Marking of Electronic Cigarette Devices) Order 2022. This latest seizure highlights ongoing efforts to curb the illegal distribution of vaping products in the region. - Bernama
The Star
04-07-2025
- The Star
GOF seizes e-cigarettes worth RM520,000 from illegal base near Tumpat
KOTA BARU: The General Operations Force (GOF) 9th battalion has seized 2,600 electronic cigarette devices worth about RM520,000 from an illegal base in Tengkorak near Pengkalan Kubor, Tumpat. GOF South-East Brigade Commander Datuk Nik Ros Azhan Nik Ab Hamid said the items were seized at 10.30am on Tuesday (July 1) during a border patrol under Ops Taring Wawasan Kelantan. He said the team came across a vehicle that appeared suspicious at the base and detained a man in his 40s during the inspection. "Further inspection revealed a large quantity of e-cigarettes hidden in the vehicle. All seized items and the suspect were handed over to the Kelantan Domestic Trade and Cost of Living Ministry for further action,' he said in a statement on Friday (July 4). Nik Ros Azhan added that the case is being investigated under the Trade Descriptions (Certification and Marking of Electronic Cigarette Devices) Order 2022. – Bernama
New Straits Times
02-07-2025
- Business
- New Straits Times
Malaysia's ESG bond issuance doubles to RM7.9bil in first half of 2025
KUALA LUMPUR: Malaysia's environmental, social and governance (ESG) bond market more than doubled in the first half of 2025, with total issuance soaring to RM7.93 billion from RM3.57 billion a year earlier. Malaysia Rail Link Sdn Bhd topped the list with RM3.9 billion in ESG bonds across eight issues, nearly half of total issuance during the period, according to the latest league tables released by Bond Pricing Agency Malaysia (BPAM). The state-owned firm's funding activities underscore how major infrastructure projects are increasingly embracing sustainability-linked financing in line with national development goals. Malaysia Rail Link is a special purpose vehicle under Minister of Finance Incorporated tasked with overseeing the flagship East Coast Rail Link (ECRL) project. Cagamas Bhd and SunREIT Bond Bhd ranked second and third among top issuers, raising RM800 million and RM520 million respectively. The government emerged as the most traded ESG bond issuer in the secondary market, with a total traded value of RM5.38 billion across 328 bond lines, up from RM2.93 billion a year earlier. Maybank Investment Bank Bhd was the top lead arranger by value, handling RM1.65 billion in ESG bond issuance. Malaysian Trustees Bhd also led among bond trustees with the same amount under its purview. The report shows broadening participation from various sectors, including utilities, healthcare, logistics and property. Notable issuers in these segments include TNB Power Generation Sdn Bhd, Sunway Healthcare Treasury Sdn Bhd, LBS Bina Group Bhd, Pengurusan Air Selangor and Global Vision Logistics Sdn Bhd. BPAM's ESG Bond League Tables are released every six months and track key rankings by issuance volume, traded value and intermediary activity to enhance transparency in Malaysia's growing sustainable finance market.
