KUALA LUMPUR: Pharmaceutical products manufacturer Hovid Bhd’s Practice Note 17 (PN17) status will be lifted effective today.
The company’s share price gained 10% or 2.5 sen to 27.5 sen yesterday, the highest since October 2009, with 17.94 million shares done.
The counter has climbed steadily from a low of 18.7 sen in October last year.
In a filing with the stock exchange, Hovid said it received a letter yesterday from Bursa Malaysia informing the company that it no longer triggered any of the PN17 criteria.
According to the filing, Bursa had taken into consideration the profitability and growth of Hovid’s pharmaceutical segment for the past seven financial years up to June 30, 2011, as well as the latest quarter ended Sept 30, 2011. It had also taken note of Hovid’s distribution of a portion of its shareholdings in Carotech Bhd via a dividend-in-specie on Dec 23, 2011.
“Bursa Securities has decided to grant Hovid a waiver from complying with paragraph 8.04(3) of the Main Market Listing Requirements, which requires a PN17 company to submit a regularisation plan to the relevant authority to regularise its condition,” it said.
For 1QFY12 ended Sept 30, Hovid posted a net profit of RM504,000 compared with a net loss of RM5.4 million previously, while revenue came in lower at RM37 million from RM42.4 million in the previous corresponding period.
Hovid incurred a net loss of RM5.6 million in FY11 ended June 30, compared with RM53.9 million the year before.
This article appeared in The Edge Financial Daily, January 17, 2012.
The company’s share price gained 10% or 2.5 sen to 27.5 sen yesterday, the highest since October 2009, with 17.94 million shares done.
The counter has climbed steadily from a low of 18.7 sen in October last year.
In a filing with the stock exchange, Hovid said it received a letter yesterday from Bursa Malaysia informing the company that it no longer triggered any of the PN17 criteria.
According to the filing, Bursa had taken into consideration the profitability and growth of Hovid’s pharmaceutical segment for the past seven financial years up to June 30, 2011, as well as the latest quarter ended Sept 30, 2011. It had also taken note of Hovid’s distribution of a portion of its shareholdings in Carotech Bhd via a dividend-in-specie on Dec 23, 2011.
“Bursa Securities has decided to grant Hovid a waiver from complying with paragraph 8.04(3) of the Main Market Listing Requirements, which requires a PN17 company to submit a regularisation plan to the relevant authority to regularise its condition,” it said.
For 1QFY12 ended Sept 30, Hovid posted a net profit of RM504,000 compared with a net loss of RM5.4 million previously, while revenue came in lower at RM37 million from RM42.4 million in the previous corresponding period.
Hovid incurred a net loss of RM5.6 million in FY11 ended June 30, compared with RM53.9 million the year before.
This article appeared in The Edge Financial Daily, January 17, 2012.
