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Hovid to be uplifted from PN17 status on Tuesday
Written by Joseph Chin of theedgemalaysia.com
Monday, 16 January 2012 19:34
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KUALA LUMPUR (Jan 16): Bursa Malaysia Securities has lifted HOVID BHD  from the Practice Note 17 status with effect from Tuesday.
It said on Monday that Bursa Malaysia Securities Bhd had considered the profitability and growth of the Hovid group’s pharmaceutical segment for the past seven financial years up to June 30, 2011 as well as the latest financial quarter for the period ended Sept 30, 2011.
Bursa Securities had also taken into account that Hovid had completed the distribution of a portion of its shareholdings in CAROTECH BHD  via dividend in specie on Dec 23, 2011. Another factor was that Hovid no longer triggered any of the criteria of PN17.
After considering the factors, Bursa Securities decided to grant Hovid a waiver from complying with paragraph 8.04(3) of the Main Market Listing Requirements which required a PN17 company to submit a regularisation plan to the relevant authority to regularise its condition.
“With the waiver being granted, Bursa Securities has informed that the company will be uplifted from its PN17 status effective from 9am on Jan 17, 2012,” it said.