Latest news with #PracticeNote17
The Sun
5 days ago
- Business
- The Sun
Pharmaniaga aims to exit P17 status by end-2025 or first-quarter 2026
KUALA LUMPUR: Pharmaniaga Bhd is targeting to exit Practice Note 17 (PN17) status as early as end-2025 or by the first quarter of 2026. Managing director Zulkifli Jafar said its RM352.2 million rights issue and private placement will be the driver of its regularisation plan. 'We are targeting, we are hoping, in the best-case scenario, we are out at the end of this year. In the worst-case scenario, we are out in the first quarter of 2026,' he said at a press conference after Pharmaniaga's 27th AGM today. Zulkifli said a substantial amount from the funds raised under the regularisation plan will be used to pare down its debt. 'That paring down of our debt alone will save about 16 million a year on interest.' Pharmaniaga has 21 market days to finalise the private placement and the rights issue together with the subscription. The group will then undertake a capital reduction exercise, expected to take about a week. 'We're targeting to complete the fundraising exercise by August,' said Zulkifli. 'By end-August, we expect to complete the entire regularisation plan.' Under Bursa Malaysia's rules, the group must record two consecutive quarters of net profit before it can exit PN17. However, Zulkifli said Pharmaniaga is seeking a waiver to shorten the wait time. 'We're proposing to consider one quarter before and one after the completion, instead of two full quarters post-completion.' As to the AGM, all 13 resolutions tabled were passed with 99% approval. 'This shows that shareholders believe in our strategy and our journey towards exiting PN17,' Zulkifli remarked. He said that for 2024, the group recorded a profit after tax (PAT) of RM133.8 million, compared with a loss of about RM78 million previously. 'We are targeting for 2025 about RM4 billion in revenue with a PAT of RM60 million. This is our target although we hope we can achieve better than that.' Pharmaniaga, a subsidiary of Boustead Holdings Bhd, was classified as a PN17 company in February 2023 after it reported major financial losses. Pharmaniaga incurred a RM552.3 million impairment due to excess inventory of Sinovac Covid-19 vaccines.
New Straits Times
11-06-2025
- Business
- New Straits Times
Bertam Alliance to exit PN17 status tomorrow
KUALA LUMPUR: Property developer Bertam Alliance Bhd has regularised its financial condition and no longer triggers any of the prescribed criteria under Practice Note 17 (PN17). "After taking into consideration the relevant facts and circumstances of the matter, Bursa Malaysia Securities has resolved to approve the company's application for an early upliftment from being classified as an affected listed issuer pursuant to PN17," it announced in a stock exchange filing. Therefore, Bertam Alliance will be uplifted from being classified as a PN17 company effective from 9.00 am tomorrow (June 12). -- BERNAMA
The Star
11-06-2025
- Business
- The Star
Bertam uplifted from PN17 status
PETALING JAYA: Bertam Alliance Bhd has regularised its financial condition and no longer triggers any of the Prescribed Criteria under Paragraph 2.1 of Practice Note 17 (PN17) and Paragraph 8.03A of the Main Market Listing Requirements of Bursa Malaysia. In a filing with Bursa Malaysia, the real estate business firm said Bursa Securities, after taking into consideration the relevant facts and circumstances of the matter, has resolved to approve the company's application for an early upliftment from being classified as an 'Affected Listed Issuer' pursuant to PN17. Bertam said it will be uplifted from being classified as a PN17 company effective from 9am, Thursday, June 12, 2025. Bertam fell into PN17 status in 2018 due to the winding-up order against its wholly-owned unit Bertam Development Sdn Bhd, which accounts for at least 50% of the company's total assets. In May last year, Bertam said its external auditors, PKF, had expressed concerns about the company's ability to continue as a going concern in its audited financial statements for the financial year ended Dec 31, 2022.
The Star
10-06-2025
- Business
- The Star
Capital A in the final stages of PN17 exit plan
KUALA LUMPUR: Capital A Bhd is in the final stage of its regularisation plan to exit the Practice Note 17 (PN17) status, with only 15 to 20 per cent of the process remaining, expected to be completed the latest by end of July 2025, said its chief executive officer Tan Sri Tony Fernandes. "Building an airline was very tough, getting out of PN17 is tougher. We are on the last 15 to 20 per cent, I can see the finish line. "I think it is an exciting time for Capital A. We just have to cross that PN17 barrier, which I think we are almost there. It is out of my control, but I think our latest target is end of July," he told Bernama today. Capital A fell into Bursa Malaysia's PN17 category of financially distressed entities in January 2022. Fernandes said the group is working through a few final tasks before concluding its PN17 exit plan -- among them is to finalised the proposed disposal of its entire 100 per cent stake in AirAsia Aviation Group Ltd (AAAGL) and AirAsia Bhd (AAB) to AirAsia X Bhd (AAX). AAAGL operates passenger airline services through subsidiaries in Thailand, Indonesia, the Philippines and Cambodia. "Our plan requires three more things to be completed. First, the Thai Stock Exchange (SET) has to agree (on the proposed disposal) -- we have a backup plan if we cannot get it agreed, but I am confident we can get it agreed. "Second, we need five consent letters from our creditors and we already have four, and third is the RM1 billion of equity, which we have," he said. Fernandes added that once the proposed disposal of AirAsia's aviation business is completed, the group will seek court confirmation for its capital reduction plan. Meanwhile, commenting on Capital A's plan for potential listing on the Hong Kong Stock Exchange (HKEX), Fernandes said its board of directors has given approval and is very serious about pursuing the proposals. He also reaffirmed the group's intention to list its brand management arm, ABC International, on the Nasdaq in the United States. "Once we get out of PN17, two things i can say, one is the Hong Kong listing and two, we will go back to listing the ABC International, which was formerly known as Capital A International in America," he noted. - Bernama
New Straits Times
10-06-2025
- Business
- New Straits Times
Capital A in the final stages of PN17 exit plan
KUALA LUMPUR: Capital A Bhd is in the final stage of its regularisation plan to exit the Practice Note 17 (PN17) status, with only 15 to 20 per cent of the process remaining, expected to be completed the latest by end of July 2025, said its chief executive officer Tan Sri Tony Fernandes. "Building an airline was very tough, getting out of PN17 is tougher. We are on the last 15 to 20 per cent, I can see the finish line. "I think it is an exciting time for Capital A. We just have to cross that PN17 barrier, which I think we are almost there. It is out of my control, but I think our latest target is end of July," he told Bernama today. Capital A fell into Bursa Malaysia's PN17 category of financially distressed entities in January 2022. Fernandes said the group is working through a few final tasks before concluding its PN17 exit plan -- among them is to finalised the proposed disposal of its entire 100 per cent stake in AirAsia Aviation Group Ltd (AAAGL) and AirAsia Bhd (AAB) to AirAsia X Bhd (AAX). AAAGL operates passenger airline services through subsidiaries in Thailand, Indonesia, the Philippines and Cambodia. "Our plan requires three more things to be completed. First, the Thai Stock Exchange (SET) has to agree (on the proposed disposal) -- we have a backup plan if we cannot get it agreed, but I am confident we can get it agreed. "Second, we need five consent letters from our creditors and we already have four, and third is the RM1 billion of equity, which we have," he said. Fernandes added that once the proposed disposal of AirAsia's aviation business is completed, the group will seek court confirmation for its capital reduction plan. Meanwhile, commenting on Capital A's plan for potential listing on the Hong Kong Stock Exchange (HKEX), Fernandes said its board of directors has given approval and is very serious about pursuing the proposals. He also reaffirmed the group's intention to list its brand management arm, ABC International, on the Nasdaq in the United States. "Once we get out of PN17, two things i can say, one is the Hong Kong listing and two, we will go back to listing the ABC International, which was formerly known as Capital A International in America," he noted.
