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.
The pharmaceutical company said this step firmly sets the group on course to exit the PN17 status latest by the first quarter 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 in a statement.
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.
