Pharmaniaga exits PN17 status

2026-03-16 - 11:44

Pharmaniaga no longer triggers any financial distress criteria under Paragraph 2.1 of PN17 in the Main Market Listing Requirements, says Bursa Malaysia. PETALING JAYA: Pharmaniaga Bhd will exit its Practice Note 17 (PN17) status effective 9am tomorrow following the successful regularisation of its financial condition. Bursa Malaysia Securities Bhd (Bursa Securities) confirmed that Pharmaniaga no longer triggers any financial distress criteria under Paragraph 2.1 of PN17 in the Main Market Listing Requirements. PN17 is a classification by Bursa Malaysia for main market listed companies in severe financial distress. Bursa Securities said it will continue to monitor companies classified under PN17 and Guidance Note 3 (GN3) to ensure ongoing compliance with the exchange’s Main Market and ACE Market listing requirements. Pharmaniaga entered PN17 status in February 2023 due to a RM552.3 million provision for slow-moving Covid-19 vaccine inventories. Last week, defence minister Khaled Nordin said Pharmaniaga is on track to exit PN17 status “in the near future” following a sustained turnaround in its financial performance. He noted that the group has recorded eight consecutive profitable quarters, with profit after tax reaching RM8.7 million in the fourth quarter of 2025, up from RM2.4 million a year earlier. The Armed Forces Fund Board (LTAT) and its subsidiary, Boustead Holdings Bhd, are Pharmaniaga’s major shareholders.