KUALA LUMPUR (Aug 6): Pharmaniaga Bhd (KL:PHARMA) has completed its regularisation plan following the completion of its RM520 million capital reduction.
The capital reduction took effect on Tuesday and trimmed the pharmaceutical group’s issued share capital to RM249.62 million, the group’s bourse filing on Wednesday showed.
“MBSB IB (MBSB Investment Bank) wishes to announce that the regularisation plan has been completed following the completion of the capital reduction,” a separate bourse filing read.
The capital reduction was the final step of Pharmaniaga’s regularisation plan. The exercise comprised slashing its share capital by RM520 million to wipe out the group’s accumulated losses.
Accumulated losses stood at RM441.83 million as at end-March.
Prior to it, the group completed a 3.46 billion share rights issue and a RM223.7 million private placement. The placement saw Jakel Capital Sdn Bhd emerge as the healthcare concessionaire’s second-largest shareholder with a 10% stake.
The completion of the regularisation paves the way for Pharmaniaga to exit its Practice Note 17 (PN17) status, which the group had aimed for by the first quarter of 2026.
The regularisation comes nearly two years after the plan was kicked off back in November 2023. It was later adjusted to exclude warrants from its rights issue and increased the capital reduction to RM520 million from RM180 million previously.
Shares in Pharmaniaga ended unchanged at 18.5 sen, valuing the group at RM1.21 billion.