Shareholders of Neimeth International Pharmaceuticals Plc have approved the company’s plan to inject fresh capital of N5 billion into the Nigerian business.
The shareholders of the company approved the resolution to raise the fresh capital at the 62nd Annual General Meeting (AGM) of the company held in Lagos recently.
The fund according to the company will be used to fund an expansion programme involving the construction of a World Health Organisation (WHO) pharmaceutical manufacturing facility at Amawbia, near Awka in Anambra State.
To facilitate the new capital injection the shareholders also approved an increase in the share capital of the company from N1 billion to N2 billion by the creation of 2 billion units of Ordinary shares of 50 kobo each.
Speaking at the AGM, the Chairman, Board of Directors at Neimeth Plc, Dr. Ambrose Orjiako, said the recapitalisation plan is part of the larger programme of Neimeth to become an investor’s haven. He said the project will help shore up Neimeth’s top line and profits, adding that the civil work on the Amawbia plant will soon commence.
He explained that the choice of Amawbia for the new WHO plant was premised on its proximity to key markets for the company’s products. Also speaking, the Managing Director of Neimeth, Matthew Azoji, said the plan is to make the company become a manufacturing hub for medicines and centre of excellence for pharmaceutical development in Africa.