KUALA LUMPUR: Financially distressed Pharmaniaga Bhd has been denied a second standalone private placement to raise funds by Bursa Securities, on the basis that as a Practice Note 17 company, it should be a part of its proposed regularisation plan, which is yet to be submitted.

Bursa Securities in a letter dated dated July 26, 2023, informed Pharmaniaga that the obligation of a Practice Note 17 company is to ensure expeditious regularisation of its financial condition to warrant continued trading and listing on Bursa Securities.

"In this respect, Bursa Securities is unable to consider the proposed private placement II as a second fund raising exercise on a stand-alone basis. Bursa Securities further indicated that the proposed private placement II may be included as part of the company's proposed regularisation plan," Pharmaniaga said in its filing with the bourse.

Pharmaniaga plans to appeal Bursa Securities' decision.

The company's share price closed at 43.5 sen yesterday.

https://www.nst.com.my/business/2023/07/935779/bursa-securities-says-no-pharmaniagas-second-standalone-private-placement