Latest news with #RM3.75
Malaysian Reserve
2 days ago
- Business
- Malaysian Reserve
PRG sells remaining 26.21% stake in Esther Postpartum Care for RM1
PRG Holdings Bhd has entered into a share sale agreement to dispose of its remaining 26.21% equity interest in Esther Postpartum Care Sdn Bhd (EPC) for a nominal cash consideration of RM1. In a filing with Bursa Malaysia today, PRG said the symbolic price was determined on a willing-buyer, willing-seller basis, given EPC's continued losses and negative net assets. 'The consideration for the sale shares at RM1.00 will be paid in cash, and was determined on willing buyer-willing seller basis, based on EPC's current financial position,' the company said. 'The risk and cost of holding the investment outweigh any potential future benefit. RM1.00 simply represents a symbolic transfer of ownership where the purchaser accepts future risks of the company.' According to PRG, EPC recorded revenue of RM4.44 million and a net loss of RM701,313 for the financial year ended Dec 31, 2024 (FY2024). Its shareholders' deficit stood at RM3.93 million. The proposed disposal is also justified by the fact that the purchaser is already the largest shareholder of EPC and will assume full financial responsibility, PRG added. The group originally acquired the 26.21% stake in EPC in October 2018 for RM3.75 million, including RM1.02 million worth of shares acquired via a call option. However, the entire investment has been fully impaired in prior years, resulting in a nominal gain of RM1 from the disposal. PRG clarified that no liabilities, contingent liabilities or guarantees will be assumed by the group in connection with the disposal. — TMR
The Sun
30-04-2025
- Business
- The Sun
Pharmaniaga confident of exiting PN17, backed by resilient operations and forward strategies
KUALA LUMPUR: Pharmaniaga Bhd remains confident of exiting Practice Note 17 (PN17) status, supported by resilient business operations and recovery strategies that have underpinned its steady financial progress. In a statement, the group said this positive trajectory reflects its strong fundamentals and financial recovery, as shown in the audited financial statements for the year ended Dec 31, 2024 (FY24), released on Tuesday. The auditor made a standard reference to material uncertainty related to going concern, which is common for companies undergoing recovery, but issued an unqualified opinion, reflecting the confidence in the group's steady progress. Pharmaniaga managing director Zulkifli Jafar said that while the group appreciates the auditor's opinion, it remains confident in its recovery, citing strong operational momentum across its business segments. 'The return to profitability in FY 2024, along with the successful approval of our regularisation plan, is clear evidence that we are on the right track. Our strong operational foundation, growing investor interest, and progress in biopharmaceuticals give us every reason for optimism,' he said. On Monday, Pharmaniaga reported a net profit of RM131.82 million for FY24, reversing a net loss of RM80.16 million recorded in FY23. Revenue rose to RM3.75 billion from RM3.40 billion a year earlier. In a filing with Bursa Malaysia, the group disclosed that its independent auditors, Messrs Ernst & Young PLT, had issued a statement of material uncertainty related to going concern in their report dated March 26, 2025, in respect to financial statements for FY24 'We draw attention to Note 2 in the financial statements, which indicates that the group's and the company's current liabilities exceeded their current assets by RM748.8 million and RM827.2 million, respectively, and the group recorded a capital deficiency of RM145.9 million as of Dec 31, 2024. 'These events or conditions, along with other matters set out in Note 2(a), indicate the existence of material uncertainties that may cast significant doubt on the group's and the company's ability to continue as a going concern. 'Nevertheless, the financial statements have been prepared on a going concern basis, which is materially dependent on the successful and timely implementation of the proposed regularisation plan and continued support from lenders,' the auditors said. – Bernama
Barnama
29-04-2025
- Business
- Barnama
Pharmaniaga Confident Of Exiting PN17, Backed By Resilient Operations And Forward Strategies
REGION - CENTRAL > NEWS KUALA LUMPUR, April 29 (Bernama) -- Pharmaniaga Bhd remains confident of exiting Practice Note 17 (PN17) status, supported by resilient business operations and recovery strategies that have underpinned its steady financial progress. In a statement here today, the group said this positive trajectory reflects its strong fundamentals and financial recovery, as shown in the audited financial statements for the year ended Dec 31, 2024 (FY2024), released today. The auditor made a standard reference to material uncertainty related to going concern, which is common for companies undergoing recovery, but issued an unqualified opinion, reflecting the confidence in the group's steady progress. bootstrap slideshow Pharmaniaga's managing director Zulkifli Jafar said that while the group appreciates the auditor's opinion, it remains confident in its recovery, citing strong operational momentum across its business segments. 'The return to profitability in FY2024, along with the successful approval of our regularisation plan, is clear evidence that we are on the right track. Our strong operational foundation, growing investor interest, and progress in biopharmaceuticals give us every reason for optimism,' he said. On Monday, Pharmaniaga reported a net profit of RM131.82 million for FY2024, reversing a net loss of RM80.16 million recorded in FY2023. Revenue rose to RM3.75 billion from RM3.40 billion a year earlier. In a filing with Bursa Malaysia, the group disclosed that its independent auditors, Messrs Ernst & Young PLT, had issued a statement of material uncertainty related to going concern in their report dated March 26, 2025, in respect to financial statements for FY2024 'We draw attention to Note 2 in the financial statements, which indicates that the group's and the company's current liabilities exceeded their current assets by RM748.8 million and RM827.2 million, respectively, and the group recorded a capital deficiency of RM145.9 million as of Dec 31, 2024. 'These events or conditions, along with other matters set out in Note 2(a), indicate the existence of material uncertainties that may cast significant doubt on the group's and the company's ability to continue as a going concern.
