Pharmaniaga Bhd will be lifted from Bursa Malaysia’s Practice Note 17 (PN17) category effective Tuesday (March 17), ending its three-year classification as a financially distressed company.
The removal follows Bursa Malaysia Securities’ approval of Pharmaniaga’s application, according to a filing on Monday. The group initially fell into PN17 after recognising a RM552.3 million inventory provision for Sinovac Covid-19 vaccines, which led to a record quarterly net loss of RM664.39 million in 4QFY2022 and a full-year net loss of RM607.32 million.
Pharmaniaga’s exit comes after completing its regularisation plan, which included a rights issue, private placement, and capital reduction exercise. In July last year, the group raised RM596.6 million through the issuance of 5.12 billion new shares, marking the largest fundraising in Malaysia’s healthcare sector. This was followed by a RM520 million capital reduction in August 2025 to eliminate accumulated losses.
The two-year regularisation plan, launched in November 2023, underwent adjustments, including removing warrants from the rights issue and increasing the capital reduction from RM180 million to RM520 million.
As of Dec 31, 2025, Pharmaniaga held RM110.59 million in cash against RM690.43 million in short-term and RM125.53 million in long-term borrowings. For FY2025, the group posted a net profit of RM48.5 million, down 63% from RM131.82 million in FY2024, despite revenue rising 4.5% to RM3.93 billion.
Pharmaniaga shares closed one sen higher at 25.5 sen on Monday, valuing the company at RM1.67 billion. The stock has risen 82% over the past year.
