Hmmm…just as planned…
You can see how well-planned the UMNO Kronies in re-organised their modus operandi just before 1Care being implemented…
He He He! It’s shows clearly 1Care would ensure all Kronies must grab their place first so later all easy money sucked like magnet one-way long-term secured for their big profits…
BRAVO UMNO KRONIES BRAVO….1CARE YOU SICK YOU LOSE KRONIES GET RICH HA HA HA!
______________________
Boustead in RM534mil takeover of Pharmaniaga
By YVONNE TAN, The Star, Saturday June 12, 2010
KUALA LUMPUR: Boustead Holdings Bhd has proposed to buy 86.81% of the issued and paid-up share capital of drug maker Pharmaniaga Bhd, owned by UEM Group Bhd, for RM534mil cash.
The proposed deal would be funded via internally generated funds, namely the RM363mil from the recent sale of its insurance unit BH Insurance (M) Bhd and bank borrowings, the company said.
Boustead deputy chairman/group managing director Tan Sri Lodin Wok Kamaruddin said the acquisition, which works out to RM5.75 per share, was expected to pave the way for Boustead, largely involved in property and plantation now, to move into the pharmaceutical business in the Asean region “in a serious manner”.
At RM5.75 per share, the offer represents a 13% premium over Pharmaniaga’s last traded price of RM5.10.
Trading in Boustead and Pharmaniaga shares was suspended ahead of yesterday’s announcement.
Lodin, who was speaking after the sealing of an agreement between the parties here yesterday, said the group had no intention of taking Pharmaniaga private and would retain its listed status.
However, Boustead would undertake a mandatory general offer to acquire the remaining shares it does not own in Pharmaniaga after the proposed exercise is completed.
For Pharmaniaga to remain listed, Boustead must pare down the 100% stake it would then have in Pharmaniaga to meet the required 25% public float.
Lodin said the group “was looking at various options” to fulfil this requirement.
“Pharmaniaga will be a good addition for us. We plan to expand in the Asean region and Pharmaniaga already has an existing network there (Indonesia and Vietnam),” Lodin said.
Boustead currently owns a subsidiary involved in healthcare, namely Idaman Pharma Manufacturing Sdn Bhd.
“Currently, the pharmaceutical business’ contribution to the group is very small; we expect Pharmaniaga to start contributing 5 sen per share to Boustead by the next fiscal year ending Dec 31, 2011,” Lodin said.
On whether there would be any change in the organisation structure at Pharmaniaga following the buyout, Lodin said “we would like to retain as many personnel as possible”.
Meanwhile, UEM, which is owned by Khazanah Nasional Bhd, said its sale of Pharmaniaga was in line with its goal of focusing on the property, construction and engineering sectors.
“Boustead gave us the best offer and we were happy to seal the deal,” chairman Tan Sri Ahmad Tajuddin Ali said.
Analysts contacted by StarBizWeek were largely positive on Boustead following the deal, saying it was value-accretive.
For the first quarter ended March 31, Pharmaniaga posted a net profit of RM9.3mil on revenue of RM317.6mil.
Listed in 1999, it is the largest integrated local healthcare company in Malaysia.
_____________________
Pharmaniaga acquires Boustead’s pharma divisions
by Andrea Mathew, Malay Mail, Thursday, December 22nd, 2011
KUALA LUMPUR: Pharmaniaga Bhd has acquired Idaman Pharma Manufacturing Sdn Bhd and Idaman Pharma Sdn Bhd for a total of RM99.73 million in efforts to consolidate Boustead’s pharmaceuitical divisions in the country.
This will mean all pharmaceutical divisions under Boustead will be transferred to Pharmaniaga, largest integrated local healthcare company in Malaysia.
A subsidiary of Boustead Holdings Bhd, Pharmaniaga Bhd will see RM95 million capex allocation for the next year.
Pharmaniaga managing director Datuk Farshila Emran (pic) said: “Out of this amount, one-third will go towards its pharmacy information system.
She added: “Pharmaniaga plans to spend about RM30 million between 2012 and 2015 for its Sungai Petani plant expansion project and to upgrade equipment and facilities.”
“We are also looking at pumping RM23 million into the construction of a new plant in Perak, as well as, to expand the existing plant in Seri Iskandar, Perak,” Farshila told reporters after the extraordinary general meeting (EGM) of Boustead Holdings and Pharmaniaga yesterday.
The EGM saw shareholders agreeing to the acquisition of two other Boustead’s pharma divisions by Pharmaniaga.
Some of the developments the company has seen in the last year is the reduction of concession delivery from 60 days to seven days for West Malaysia and 10 days for East Malaysia.
Boustead Holdings Bhd deputy chairman and group managing director Tan Sri Datuk Lodin Wok Kamaruddin said Pharmaniaga would contribute about 10% to Boustead’s bottomline beginning next year and this was expected to increase gradually to 15% over the next two to three years.
“The health sector, including pharmaceuticals, is one of the 12 National Key Economic Areas. We believe the prospects and future for the pharmaceutical business is going to be good,” he said.
Pharmaniaga, the largest integrated local healthcare company holds a 10-year concession to purchase, store, supply and distribute pharmaceuticals and medical products to 3,750 government hospitals and clinics nationwide.
Pharmaniaga’s book value is worth some RM900 million a year.
____________________
Boustead, Pharmaniaga step up rationalisation
by Syarina Hyzah Zakaria, The Edge, Thursday, 11 August 2011
KUALA LUMPUR: Pharmaniaga Bhd has signed a memorandum of understanding (MoU) with parent company Boustead Holdings Bhd and private company Idaman Pharma Sdn Bhd(IPSB) to acquire Idaman Pharma Manufacturing Sdn Bhd (IPMSB).
According to the announcement on Bursa Malaysia, under the terms of the MoU, Pharmaniaga will acquire 51% of IPMSB from Boustead for RM12.75 million. The agreement also includes the settlement of an inter-company loan between IPMSB and Boustead of RM68 million by Pharmaniaga, which values the entire deal at RM80.75 million.
In addition, IPMSB will pay RM15 million worth of dividends to Boustead from the financial year ending Dec 31, 2011. Pharmaniaga will acquire the remaining 49% from IPSB for RM12.25 million.
In short, Pharmaniaga is looking to pay RM25 million for IMPSB in cash. However, this is stripping out the RM68 million inter-company loan.
According to Pharmaniaga, IMPSB has a value of RM99.7 million.
IPSB has been supplying Pharmaniaga with pharmaceutical products since 2005. Under the latest three-year agreement signed in May, it is supplying 50 types of pharmaceutical products. Of the 50, IPMSB supplies 39.
Under the MoU, the supply contract will be terminated with a compensation of RM51 million for IPSB.
Pharmaniaga chairman Tan Sri Lodin Wok Kamaruddin said: “This corporate exercise will give us a stronger footing in the pharmaceutical industry as we anticipate synergistic benefits from the operations of IPMSB and Pharmaniaga collectively. We also stand to benefit from cost improvements as a result of streamlining and optimising manufacturing facilities, production capacities as well as the cross fertilisation and sharing of best practices between IPMSB and Pharmaniaga”.
As for Boustead, the disposal will create synergistic benefits for them with the expected enhancement of the group’s financial position. The proceeds from the disposal will be utilised to pare down borrowings of the entire group.
Boustead currently holds 97.81% of Pharmaniaga, which the former acquired last year from UEM Group Bhd for RM534 million.
Boustead has been working to pare its stake down in Pharmaniaga through a series of corporate exercises. This includes a dividend-in-specie, a restricted offer for sale and a bonus issue.
Pharmaniaga also announced yesterday a net profit of RM13.92 million on the back of RM396.43 million in revenue for its 2QFY11. For the three months, the company’s earnings per share stood at 13.01 sen.
In contrast to the corresponding period a year ago, its net profits slipped 5.63% despite revenue gaining 13.16%.
The company said the stronger revenue registered in 2Q was higher as a result of increased sales from the government sector and attributed the weaker profit to lower margins and the amortisation of a new plant during the quarter.
__________________
Pharmaniaga posts RM15.6m Q3 profit
Business Times, 01-11-2011
KUALA LUMPUR: Pharmaniaga Bhd has recorded a pre-tax profit of RM15.646 million for the third quarter ended Sept 30, 2011 compared with RM15.405 million in the previous corresponding quarter.
Its revenue rose to RM371.432 million from RM334.337 million.
For the first nine months, Pharmaniaga delivered an improved pre-tax profit of RM56.818 million compared with RM48.163 million while turnover rose to RM1.153 billion from RM1.002 billion.
In a statement today, Pharmaniaga Chairman Tan Sri Lodin Wok Kamaruddin said though the third quarter results were modest in nature, it resulted in a significant improvement in profit before tax as well as turnover on a nine-month basis.
“As we look to close the final quarter of this financial year we hope to see further gains to our bottom line.
“What is most important is that we are strengthening systems, working at ways to improve cost management, aligning synergies particularly with the recent acquisition of Idaman Pharma Manufacturing Sdn Bhd.
“Moving forward, we are optimistic of domestic growth while we expect to see regional growth in the foreseeable future,” he said. – Bernama