Neimeth Pharmaceuticals’s N3.68bn rights issue fully subscribed
Neimeth International Pharmaceuticals Plc has disclosed that its N3.68billion rights issue was fully subscribed.
The company stated that it received no objection from the Securities and Exchange Commission (SEC) over the allotment of 2,373,947,500 ordinary shares at N1.55 per share.
This follows the close of the company’s right issue exercise on September 15, 2022.
A statement signed the Company’s Secretary, Mrs. Florence Onyenekwe noted that the rights issue was fully subscribed, leading to fresh injection of N3.68 billion which will further position the company for growth.
The Company explained that the shares allotted will be credited to the CSCS account of allottees by the registrars to the issue, in line with the basis of allotment of the shares as approved by the SEC.
It added that the allotment of the shares will bring about a change in the shareholding structure of the company.
The drug maker last year announced a rights issue of N3.67 billion through the Nigerian capital market. The goal was to raise N3,679,618,625.
The company’s Board Chairman, Dr Ambrosie Orjiako, said that the money would be used to construct a new multi products facility that will be tailored to comply with the Word Health Organization’s current standards of Good Manufacturing Practice ( GMP) at Amawbia in Anambra State.
