KUALA LUMPUR: Pharmaniaga Bhd has submitted an appeal to Bursa Securities for the listing application of a second private placement exercise to be taken up by Armed Forces Fund Board (LTAT), yesterday.

The first private share placement, saw the issuance of 131.02 million new ordinary shares to third-party investors, which raised RM45.86 million. The proposed second placement was for 144.12 million new shares to raise up to RM50 million.

Financially distressed Pharmaniaga was denied a second standalone private placement to raise funds by Bursa Securities, vide a letter dated July 26, 2023 on the basis that as a Practice Note 17 company, the private placement should be a part of its proposed regularisation plan, which is yet to be submitted.

Bursa Securities said it was unable to consider the proposed private placement II as a second fund raising exercise on a stand-alone basis.

https://www.nst.com.my/business/2023/08/937739/pharmaniaga-files-appeal-second-private-placement