May & Baker Nigeria Plc has announced plans to raise N3billion new equity capital by offering new ordinary shares to existing shareholders.
In a notice on the Nigerian Stock Exchange (NSE), the pharmaceutical company said it is seeking regulatory approval to raise N2.45 billion new equity fund.
The rights issue of 980 million ordinary shares of 50 kobo each at N2.50 per share. The rights issue has been provisionally pre-allotted on the basis of one new ordinary share for every one ordinary share held as at the close of business on September 4, 2018.
LEADERSHIP recalls that the shareholders of the company at its 67th Annual General Meeting which was held in Lagos recently gave their nod to the board’s bid to raise capital. At the meeting, a proposed dividend payment of 20 kobo per share was also approved by the management.
Chairman, May & Baker Nigeria, Lt. Gen Theophilus Danjuma, recently told shareholders that directors of the company believed that the time is now right to raise the funds to enable the company harness new opportunities.
“Therefore our rights issue will soon open and I hope shareholders will take up their rights to support our company in achieving its new vision. We shall all reap the rewards in the immediate future and beyond,” Danjuma said.
He outlined that the company has envisioned a new vision that will see it dominating the Sub-Saharan Africa (SSA) markets in line with its new vision of being the leading healthcare brand in SSA.
According to him, the new five-year strategic plan of the company entails focus and expansion along the company’s competitive advantage of healthcare and it will soon begin to establish footprints and seek dominance in this area in the SSA region.
“Your company has turned the corner and is now solidly on the path of growth and strong profitability. Our plan in the next few years is to focus on driving our new vision, strategic goals and establishing our footprint as a leading healthcare brand in Sub-Saharan Africa. The company will strive to acquire required competencies in related business areas, expand its regional reach to explore new markets, improve capacity utilization at our WHO GMP pharmaceutical facility in Ota and continue to deliver value and returns on investments to our loyal shareholders,” Danjuma said.
Also, it will be recalled that the company had earlier this year sold its food line to Dufil, a move the company said was necessary towards availing it the opportunity to access the much-needed capital towards the actualisation of its refocused business model.
May & Baker was founded in 1944 and it is one of Nigeria’s foremost companies and the first in the pharmaceutical industry. Its shares are listed on the Nigerian Stock Exchange and are currently trading at N2.40, with its one year return down by 13.85 per cent as at September 10, 2018.
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