May & Baker Nigeria Plc is seeking regulatory approval to raise about N2.45 billion new equity fund by offering new ordinary shares to existing shareholders.
Regulatory document obtained yesterday by The Nation indicated that May & Baker Nigeria Plc plans to float a 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 shares held as at the close of business on Tuesday, September 4, 2018.
Authorities at the Nigerian Stock Exchange (NSE) confirmed the receipt of the application from the healthcare company.
The confirmation came on the heels of recent report by The Nation that Nigeria’s largest cement and healthcare manufacturing companies, including May & Baker Nigeria, plan to raise N240 billion new capital to support growing business and restructure their balance sheets.
Shareholders had in 2014 empowered the company to raise up to N3.2 billion new equity capital.
Chairman, May & Baker Nigeria Plc, Lt. Gen Theophilus Danjuma (rtd), 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.Key extracts of […]