Latest news with #Pharmaniaga
Barnama
23-05-2025
- Business
- Barnama
Pharmaniaga Gets Three Months Extension To Implement Regularisation Plan
KUALA LUMPUR, May 22 (Bernama) -- Bursa Malaysia Securities Bhd (Bursa Securities) today granted Pharmaniaga Bhd a three-month extension up to Aug 29, 2025 to implement its Regularisation Plan. 'The extension of time granted is without prejudice to Bursa Securities' right to proceed to suspend the trading of the listed securities of Pharmaniaga 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 Malaysia. If it fails to do so, Bursa Securities will suspend the trading of the listed securities of Pharmaniaga on the sixth market day after the date of notification of suspension by Bursa Securities and delist the company, subject to the company's right to appeal against the delisting," it said.
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
22-05-2025
- Business
- The Star
Pharmaniaga gets three months extension to implement regularisation plan
KUALA LUMPUR: Bursa Malaysia Securities Bhd (Bursa Securities) today granted Pharmaniaga Bhd a three-month extension up to Aug 29, 2025 to implement its Regularisation Plan. "The extension of time granted is without prejudice to Bursa Securities' right to proceed to suspend the trading of the listed securities of Pharmaniaga 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 Malaysia. If it fails to do so, Bursa Securities will suspend the trading of the listed securities of Pharmaniaga on the sixth market day after the date of notification of suspension by Bursa Securities and delist the company, subject to the company's right to appeal against the delisting," it said. - Bernama
New Straits Times
13-05-2025
- Business
- New Straits Times
Several companies set to exit PN17 status in 2025 amid turnaround efforts
KUALA LUMPUR: Several Malaysian firms, including Pharmaniaga Bhd and Capital A Bhd, are making strong progress in their financial restructuring efforts and are on course to exit Bursa Malaysia's Practice Note 17 (PN17) status in 2025, signalling a notable recovery in their operational and fiscal health. PN17 and Guidance Note 3 (GN3) are designations by Bursa Malaysia for financially distressed companies listed on the Main Market of the stock exchange. These classifications apply to firms experiencing issues such as shareholders' equity dropping below 25 per cent of paid-up capital or loan defaults. Affected companies are required to submit a regularisation plan—typically within 12 months—or risk suspension and potential delisting. Currently, 24 companies are classified under PN17 and GN3 on Bursa Malaysia — representing about 2.34 per cent of the 1,025 listings across the Main and ACE Markets. Other notable PN17 firms include Sapura Energy Bhd, Sarawak Cable Bhd, Bintai Kinden Corp Bhd, and Ho Hup Construction Bhd. GN3-listed companies include Asdion Bhd, Lambo Group Bhd, and Waja Konsortium Bhd. Pharmaniaga advances recovery Plan Pharmaniaga, listed as a PN17 entity in February 2023, has made substantial progress in implementing its regularisation plan. In March 2025, shareholders approved several key measures, including a rights issue to raise up to RM353.5 million, a private placement of up to RM300 million (minimum RM215 million), and a capital reduction of RM520 million. Despite these efforts, external auditor Ernst & Young flagged material uncertainties in Pharmaniaga's FY24 financial statements, noting that current liabilities exceeded current assets by RM748.8 million, with a group capital deficiency of RM145.9 million. EY pointed out that as of Dec 31, 2024, the group's and company's current liabilities exceeded current assets by RM748.8 million and RM827.2 million, respectively. Additionally, the group registered a capital deficiency of RM145.9 million, indicators that suggest uncertainty about the company's ability to continue operating as a going concern. Despite this, Pharmaniaga has reassured shareholders of its recovery path, citing clear strategies and resilient operations that have contributed to steady progress. The company said key performance indicators continue to show improvement as it works toward exiting PN17 status. Addressing the auditor's statement, Pharmaniaga noted that the material uncertainty reference is standard for companies in the midst of a turnaround and emphasised that EY's audit opinion remains unqualified — a sign of continued confidence in the group's recovery efforts. Pharmaniaga recorded a 15.3 per cent increase in net profit for the first quarter of 2025 (1Q25), reaching RM29.58 million. This was supported by a 9.4 per cent year-on-year growth in revenue, which rose to RM1.06 billion from RM964.96 million in the same period last year. The company said it is actively progressing with the execution of its PN17 regularisation plan following shareholders' approval of the proposed measures. Capital A nears the final phase of regularisation Capital A Bhd, the parent company of AirAsia, which entered PN17 status in January 2022, received Bursa Securities' approval for its regularisation plan in March 2025. The plan includes a RM6 billion capital reduction, the divestment of its aviation business to AirAsia X Bhd, and a pivot toward digital, logistics, and fintech ventures. With shareholder approval already in place, the company will next seek confirmation from the High Court for the capital reduction, pending the announcement of the entitlement date for the proposed disposal. Chief executive officer Tony Fernandes reportedly said that the company has endured challenging times but has successfully built strong business pillars that are now set for growth, adding that the ongoing exercises are crucial in paving the way for its next phase of expansion. "This is pivotal for Capital A. With shareholder and redeemable convertible unsecured Islamic debt securities holders support for capital reduction, we are taking bold steps to complete our turnaround and move beyond PN17," he said in a statement.
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.
