Pharmaniaga shares soared today following reports of BP Healthcare Group expressing interest in the pharmaceutical firm.
At the opening of trading on Tuesday, Pharmaniaga Bhd jumped 11.43% to 39 sen before narrowing its gains to 38 sen before closing this afternoon with a market capitalization of RM504.4 million.
Citing a report by The Edge, BP Healthcare founder Datuk Beh Chun Chuan confirmed that the group is interested in the pharmaceutical firm.
Earlier, The Edge Weekly reported that Pharmaniaga had received proposals from interested parties to participate in the restructuring of the company.
Among those interested include institutional funds, private equity firms and private entities that want to buy Pharmaniaga at an attractive price and convert it into a public hospital.
Meanwhile separately, the company will announce its reorganization to Bursa Malaysia in August, according to Defense Minister Datuk Seri Mohamad Hasan on Monday.
Pharmaniaga shares fell sharply in February after being listed under the PN17 classification following its biggest quarterly net loss of RM664.39 million in the fourth quarter of 2022.
The main reason for the fall is due to a decline of RM552.3 million on the unsold Covid-19 vaccine.
