Pharmaniaga shares soar past 45pc, volume hits two-year high
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.
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New Straits Times
2 hours ago
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KUALA LUMPUR: Pharmaniaga Bhd has completed its Practice Note 17 (PN17) regularisation plan following the completion of its capital reduction exercise through the cancellation of RM520 million in issued share capital. In a statement today, the pharmaceutical company said the step firmly sets the group on course to exit the PN17 status latest by the first quarter (1Q) of 2026. "The capital reduction exercise, which involved the cancellation of RM520 million in issued share capital, was completed after confirmation was received today from the Registrar of Companies that all statutory requirements have been fulfilled. "Following the completion of this exercise, the issued share capital of the group is RM249.62 million, comprising 6.55 billion shares," it said. Pharmaniaga fell into PN17 status in February 2023, dragged by its RM552.3 million provision for "slow-moving inventories" of COVID-19 vaccines. At the close of trading today, the counter finished unchanged at 18.5 sen, with 28.69 million shares changing hands.
The Star
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