KUALA LUMPUR: Pharmaniaga has completed its first private share placement, with a second tranche of 10% expected to be taken up by the Armed Forces Fund Board (LTAT), pending shareholder approval.
The pharmaceutical company issued 131,020,866 new ordinary shares to third-party investors, in line with the general mandate granted during Pharmaniaga’s 25th annual general meeting. The success of the placement demonstrates investors’ confidence in Pharmaniaga’s growth and stability.
“Both institutions and individuals participated in the private share placement,” said Pharmaniaga in a statement.
LTAT’s move will potentially secure an additional 10% placement shares at a later date, allowing the company to raise more funds and improve financial standing.
These measures will support Pharmaniaga’s working capital requirements as a full regularisation plan is being developed.
“The strategic move aims to strengthen Pharmaniaga’s financial standing, enabling the company to reduce debt and improve cash flow,” added the company. – Bernama
Credit: The Star : Business Feed
