KUALA LUMPUR: Pharmaniaga Bhd
has submitted an appeal to Bursa Malaysia Securities Bhd’s (Bursa Securities) on the latter’s decision not to consider the company’s additional listing application in relation to its proposed private placement II.
In a filing with Bursa Malaysia, Pharmaniaga said it had planned to place out 144.12 million new shares representing 10 per cent of the total issued shares of the company to Lembaga Tabung Angkatan Tentera (LTAT) at an issue price to be determined later.
On July 26, Bursa Securities informed Pharmaniaga that the obligation of an Affected Listed Issuer is to ensure expeditious regularisation of its financial condition to warrant continued trading and listing on the exchange.
The Affected Listed Issuer must submit a regularisation plan to the Securities Commission Malaysia or Bursa Securities which is sufficiently comprehensive and enables the company to regularise its financial condition.
"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, adding it would submit an appeal to the decision for Bursa Securities’ consideration. - Bernama
