Neimeth to raise N3.6bn through 5 for 4 right issue

Neimeth International Pharmaceuticals Plc, a manufacturer of and marketer of pharmaceuticals and animal health products said its board   at an emergency board meeting on 31st May 2021 resolved the modality to raise N5 billion capital as approved by shareholders at the AGM on 9 March 2021

In a notification at the Nigerian Exchange Limited (NGX) signed by Florence Onyenekwe Mrs, Company Secretary on Tuesday, the company said N3,679,618,625 would be raised via right issue of N2,373,947,500 ordinary share at N1.55 per share.

It said the right issue will be on the basis of 5 shares for every 4 shares held.

Also N1,320,381,375.60 will be raised via special/private placement of 628,753,036 ordinary shares at N2.10 per share.

The notification said the board also resolved that the Issued Share Capital be increased from N1,000,000,000 to N2,450,929,268 be creating 2,901,585,536 units of ordinary shares of 50 kobo per share to accommodate the capital raise.