Nigerian Exchange Limited
Neimeth International Pharmaceuticals to Raise N5 Billion, Create Additional 2.9 Billion Ordinary Shares
Neimeth International Pharmaceuticals Plc, a leading pharmaceutical company in Nigeria, announced plans to raise N5 billion following approval from shareholders.
At the Emergency Board of Directors meeting held on 31st May 2021, the pharmaceutical company’s directors agreed that N3,679,618,625 of the N5 billion be raised via Rights Issue of 2,373,947,500 ordinary shares at N1.55 per share, subject to relevant regulatory approvals.
The company further stated that the Rights Issue will be on the basis of 5 new shares for every 4 shares held.
The remaining N1,320,381,375,60 will be raised through Special/Private Placement of 628,753,036 ordinary shares at N2.10 per share.
The Board of directors also agreed that the Issued Share Capital of the Company be increased from N1,000,000,000 to N2,450,929,268 by creating additional 2,901,858,536 units of ordinary shares of 50 kobo per share to accommodate the capital raise.