Hataphar is set to raise approximately $7.8 million from a private placement to strategic shareholder ASKA Pharmaceutical Co., Ltd. of Japan.

According to a notice from Hataphar on October 12, the Vietnamese drugmaker will issue 8.4 million shares, priced at around 9.3 US cents apiece, marking an 11.4 per cent expansion of its existing share count.

With this move, ASKA Pharmaceutical will boost its stake to nearly 33 per cent, locking in the new shares from transfer for three years.

The century-old Tokyo-based ASKA previously upped its investment in Hataphar in early 2021, purchasing shares at about $3.02 each and elevating its position to a leading shareholder with 24.9 per cent. After a bonus issue in June, ASKA's holdings rose significantly.

Ha Tay plans to channel approximately $3.36 million of the proceeds into its high-tech pharmaceutical project and earmark roughly $4.41 million to restructure debts, aiming to enhance capital independence and mitigate financial strains.

The firm has also temporarily capped foreign ownership at 44.31 per cent. In a performance update, Ha Tay unveiled a revenue of around $56.7 million and a pre-tax profit of about $3.15 million for the initial eight months of the year, fulfilling 82 per cent of its annual revenue target and 91 per cent of its profit objective.

ASKA was established in 1920 as Teikoku Hormone Research Institute by founder Yasohachi Yamaguchi. As a pharmaceutical manufacturer, ASKA commits to being a trusted company based on its strong management philosophy, contributing to the improvement of people's health and the development of innovative products, according to its website.