News Column

Adventa hits 1-year

February 23, 2014

Muhammed Ahmad Hamdan

KUALA LUMPUR: Adventa Bhd's shares rose to a one year-high yesterday, a day after it announced the upliftment of its Practice Note 17 (PN17) status on Thursday.

The stock price moved between RM1.16 and RM1.34 before closing the day 14 sen higher at RM1.19, with 2.01 million units changing hands.

This was on the back of the benchmark FTSE Bursa Malaysia KLCI closing 2.40 points higher at 1,830.21. The healthcare firm now has a market capitalisation of RM181.82 million.

Adventa's shares have been slowly picking up over the past few days on anticipation that the company will be crossed off from Bursa's list of financially-distressed companies.

Its shares closed at RM1.05 on February 19, before suspension of trading for a day following Bursa Malaysia's approval on its application for a waiver to submit a regularisation plan and upliftment from the PN17 status.

Adventa was classified as an affected listed issuer on January 7 2013 following the completion of the disposal of its entire glove manufacturing and trading business.

On December 31, it submitted an application to Bursa for a waiver to submit a regularisation plan and upliftment of Adventa from PN17.

The company has managed to record quarterly net profits of RM1.30 million, RM1.33 million and RM1.66 million in the last three quarters, which fulfilled the requirement of recording a minimum of two consecutive quarters of profit to exit the PN17 status.

Following the disposal of its glove manufacturing and trading business, it has expanded its remaining businesses into three business segments in the healthcare industry.

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Source: Business Times (Malaysia)

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