Pharmaniaga On Track To Exit PN17, Jakel Medical Emerges As New Substantial Shareholder

KUALA LUMPUR, July 31 (Bernama) -- Pharmaniaga Bhd has completed two critical milestones of its regularisation plan, the rights issue and private placement, thus positioning the group firmly on track to exit its Practice Note 17 (PN17) status.

In a statement today, the pharmaceutical company said that a total of 3.46 billion renounceable rights shares were fully subscribed, with an oversubscription rate of 26.14 per cent, reflecting strong support and confidence from existing shareholders.

“Meanwhile, the private placement exercise attracted 19 new investors, involving 1.67 billion placement shares at a total value of RM223.7 million.

“Despite this new equity injection, the Armed Forces Fund Board (LTAT) and Boustead Holdings Bhd remain the group’s major shareholders at an aggregate shareholding of 43.9 per cent,” it said.

Pharmaniaga said that each entity holds 8.7 per cent and 35.2 per cent equity stake, respectively, and the company remains a government-linked company, with a continued emphasis on national interest and the well-being of the Malaysian Armed Forces.

It added that as both fundraising exercises have been completed, the group is set to conclude the final phase of its regularisation plan, the capital reduction exercise, which is targeted for completion by mid-August 2025.

“This marks a major step forward in Pharmaniaga’s recovery and efforts to exit PN17 status by the first quarter of 2026,” it said.

Meanwhile, Pharmaniaga said in a filing with Bursa Malaysia today that Jakel Medical Sdn Bhd has emerged as its new substantial shareholder after acquiring a 10 per cent stake or 655.745 million shares.

The stake was acquired through a private placement on July 29.

-- BERNAMA