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- The acquisition is undertaken through Pharmaniaga's wholly owned subsidiary, Pharmaniaga Logistics Sdn Bhd, which has entered into a sale and purchase agreement with Yang Guang Furniture (Sarawak) Sdn Bhd.
KUALA LUMPUR (Dec 4): Pharmaniaga Bhd (KL:PHARMA) has announced the acquisition of an industrial facility in Kota Kinabalu for RM26 million as part of its ongoing plan to strengthen its logistics and distribution capacity.
The pharmaceutical group said it is acquiring a single-storey factory with an attached two-storey office situated on a two-acre leasehold land within the Kota Kinabalu Industrial Park. It is being carried out under the group's obligations in the concession agreement signed with the Ministry of Health in January 2023, Pharmaniaga said in a filing with Bursa Malaysia on Thursday.
“It is also consistent with Pharmaniaga’s expansion strategy to enhance its logistics and distribution capacity, particularly in Sabah, thereby improving efficiency in serving customers and supporting future business growth,” the group added.
The acquisition is undertaken through Pharmaniaga's wholly owned subsidiary, Pharmaniaga Logistics Sdn Bhd, which has entered into a sale and purchase agreement with Yang Guang Furniture (Sarawak) Sdn Bhd.
Pharmaniaga said the purchase consideration was determined on a willing-buyer willing-seller basis, after taking into consideration the market valuation and building assessment conducted by independent valuer Messrs Shah Real Property Consultants, based on a valuation report dated May 22.
The latest acquisition is the fourth in recent months. In mid-September, the group acquired a freehold factory and office building in Seberang Perai Selatan, Penang, for RM30 million to expand its northern peninsular logistics operations. Meanwhile on Oct 30, it bought two industrial buildings in Terengganu and Sarawak for a combined RM30.5 million.
Pharmaniaga said all four acquisitions will be funded using proceeds from its recently completed regularisation plan. The plan included a RM520 million capital reduction to eliminate accumulated losses, a rights issue of 3.46 billion shares, and a RM223.7 million private placement that saw Jakel Capital Sdn Bhd emerge as the group’s second-largest shareholder with a 10% stake.
The group targets to exit its Practice Note 17 status by the first quarter of 2026.
Shares in Pharmaniaga closed unchanged at 24 sen on Thursday, valuing the group at RM1.51 billion. Year to date, the stock has risen nearly 12%.
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