Neimeth says it got ‘no objection’ from SEC for allotment of shares

Neimeth International Pharmaceuticals Plc said 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.

Fresh injection of N3.68 billion: The statement signed by Mrs. Florence Onyenekwe the Company Secretary, noted that the rights issue was fully subscribed, leading to fresh injection of N3.68 billion which will further position the company for growth.

CSCS account: 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 backstory: The drug maker last year announced a rights issue of N3.67 billion through the Nigerian capital market. The goal was to raise the sum of 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 (WHO) current standards of Good Manufacturing Practice ( GMP) at Amawbia in Anambra State.