Pharmaniaga first slipped into PN17 status after triggering the criteria when it recognised a massive RM552.3 million inventory provision for Sinovac Covid-19 vaccines. The group's exit from the distressed category follows the successful completion of its regularisation plan, which involved a rights issue, a private placement and a capital reduction exercise. In July last year, Pharmaniaga raised RM596.6 million through a renounceable rights issue and a private placement. The exercise involved the issuance of 5.12 billion new shares — comprising 3.46 billion rights shares and 1.66 billion placement shares — making it the largest fundraising exercise ever recorded in Malaysia’s healthcare sector. Subsequently, the group completed a RM520 million capital reduction exercise in August 2025 to wipe out accumulated losses.

Source: The Edge Markets March 16, 2026 12:10 UTC