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PHARMANIAGA Bhd has fixed the issue price for its rights issue at 10 sen per share, aiming to raise up to RM352.2 million as part of its regularisation plan.
The rights issue will be offered on a 12-for-5 basis, with the entitlement date to be announced later, the PN17 company said in a filing today.
The price represents a 30.8% discount to the theoretical ex-rights price (TERP) of 14.46 sen, based on the five-day volume-weighted average price of 25.15 sen up to June 16.
The fund-raising exercise is part of Pharmaniaga’s efforts to strengthen its balance sheet and exit PN17 status, after being classified as a financially distressed company in 2023 due to vaccine-related losses. — TMR
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The post Pharmaniaga fixes rights issue price at 10 sen to raise RM352m appeared first on The Malaysian Reserve.