Hovid shares, warrants jump on plant license renewal

PETALING JAYA: Hovid Bhd shares and warrants, which have come under selling pressure since the revocation of its manufacturing licenses in early January, yesterday recorded a mini rebound, reaching highs of 35.5 sen and 22.5 sen respectively on news of it getting back one of its licenses.
Its shares closed almost 8% or 2.5 sen higher yesterday to 34 sen, with some 58.9 million shares changing hands. Its warrants, however, was up 21% or 2.5 sen yesterday to close at 20 sen, with 63.6 million warrants changing hands.
On Monday, Hovid announced that the National Pharmaceutical Regulatory Agency had renewed its manufacturing license for the Chemor plant. It also said that it is in the process of making the necessary corrective measures as per requirements of the Current Good Manufacturing Practice for its Ipoh plant.
“The re-issuance of the licence will be subject to NPRA being satisfied with our corrective actions taken. We estimate to receive the decision from NPRA for our Ipoh plant by end of May 2017,” it said.