Business

Neimeth to raise N5bn through Rights issue, Private Placement

Neimeth International Pharmaceuticals Plc has concluded plans to raise N5 billion through Rights Issue and Private Placement from August 3, 2022. Mr Matthew Azoji, Managing Director of the company, disclosed this during a press briefing at the weekend in Lagos.

He said Neimeth International Pharmaceuticals Plc had approached the Nigerian capital market to raise funds to ensure realisation of its vision and strategic goals.

He said the capital raise would open next week, on August 3, to be precise. “We are seeking a total of N5 billion of investors funds through a hybrid Offer of Rights Issue and Private Placement. We want to raise N3.7 billion and N1.3 billion respectively from both offers.

The Offers were approved by the Shareholders in March 2022 at the 63rd Annual General Meeting. (AGM) of the company,” he said. Azoji said the Rights Issue, which will commence August 3, 2022, will be used to raise the sum of N3,679,618,625 at the cost of N1.55k per 50 Kobo share.

“To carry out the Rights Issue, the company had in March 2022, created 2,373,947,500 additional Ordinary Shares, which will be allotted at the rate of five new shares for every four shares currently held in the company to existing shareholders,” he emphasised. He explained the purpose of the capital raise, saying “the money is being raised to fund our strategic expansion plans.

Last year, at the 62nd Annual General Meeting of the company, our shareholders approved a twopronged expansion plan, namely the construction of a new plant in Anambra State and a facility upgrade of the Oregun plant.

“The new plant will be a multiproduct facility that will be tailored to comply with the World Health Organization (WHO) current standards of Good Manufacturing Practice (cGMP) at Amawbia in Anambra State.”

Azoji said part of the funds would also be used to support the company’s strategic plan of maintaining a sustainable capital structure, leverage the company’s balance sheet, reduce cost of borrowing or finance costs and fund working capital.

 

“The Oregun factory upgrade is already close to completion with funds from the Bank of Industry (BOI) and own resources. On completion, the Oregun plant alone will add additional 300 per cent to the company’s production capacity especially with liquid preparations.

These projects will not only sustain the current upbeat performance of the company but will give us a quantum leap into the league of leading global healthcare commodities producers,” he said. He expressed optimism that Neimeth shareholders would take their rights in the Rights Issue and that the offer would be fully subscribed.

 

“What is in it for investors is “to promote healthy confident living which is the essence of the existence of the Company Neimeth International Pharmaceuticals Plc is focused on the continued creation of value for all stakeholders especially its investors.

“There are two ways we add value to investors. One is the declaration of dividends after a successful business year and the other is the multiplication of the wealth of the shareholders through capital gains. And these are key driving factors for shareholders,” he said.

 

TRY IT TONIGHT!!! ---

 

Abuja Civil Servant reveals (FREE) secret Fruits that Increased his Manh0d size, gives Stronger Erections and ends Premature Erection in 7days...

   

CLICK HERE FOR FULL DETAILS.

 

%d bloggers like this:
Fake Richard Mille Replica Watches, www.richardmille.to The ceramic upper and lower cases are imported from Taiwan and are processed by ATPT ceramics to form Y-TZP ceramics. After high-tech anti-fingerprint technology, they present a delicate and soft sub-black material. This color quality has remained unchanged for a hundred years. The color and luster are more detailed to achieve the ceramic tone visual pattern electroplating upper and lower shells that are infinitely close to the original products, with anti-reflective coating sapphire glass! The tape uses a soft and delicate Malaysian imported top rubber strap, and the movement is equipped with an imported Seiko NH movement. The buckle of this version is made according to the original size and thinness, making it feel more comfortable and intimate, the highest version on the market Richard Mille Replica