Neimeth International Pharmaceuticals Plc has disclosed that its major institutional shareholder, Clinoscope Services Limited, has acquired an additional 40 million ordinary shares in the company.
The transaction is valued at N312 million.
The announcement was contained in a corporate disclosure signed by the Company Secretary, Chinenye S. Adekanmbi, and filed with the Nigerian Exchange (NGX).
What they are saying
According to the filing, the transaction was executed on August 4, 2026, in Lagos at a price of N7.80 per share, bringing the total value of the deal to N312 million.
Also Read
Following the acquisition, Clinoscope Services Limited increased its shareholding in Neimeth to 592,975,860 shares from 552,975,860 shares previously held.
The purchase signals confidence in the company’s future prospects as the share price has recorded a 48.28% year-to-date growth from N5.80 at the end of 2025 to N8.60 it closed on Friday.
Get up to speed
The latest acquisition represents a partial reversal of the substantial divestment undertaken by Clinoscope in 2025, when it disposed of 515.3 million shares in two separate transactions.
The first tranche involved the sale of 15.3 million shares at N6.10 per share on September 17, 2025, while the second tranche saw the disposal of 500 million shares at N6.00 per share on December 19, 2025.
Significant insider purchases are often viewed as a signal of confidence in a company’s future prospects, particularly when undertaken by existing major shareholders.
The latest acquisition represents approximately 7.8% of the shares sold by Clinoscope during last year’s divestment programme and reflects renewed confidence in Neimeth’s strategic direction and growth plans.
What you should know
The transaction comes as Neimeth continues efforts to strengthen its financial position through capital restructuring and fresh fundraising initiatives.
The pharmaceutical manufacturer, led by Managing Director Pharm. Valentine C. Okelu, recently implemented a capital restructuring programme aimed at eliminating retained losses and improving its balance sheet.
The restructuring scheme reduced the company’s share premium account from N2.38 billion to N390.02 million and transfer N1.99 billion to its retained earnings reserve.
In June 2026, shareholders approved an additional N30 billion capital raise during the company’s 67th Annual General Meeting, increasing Neimeth’s total fundraising mandate to N50 billion.
- The approval expanded an earlier N20 billion capital-raising programme approved in June 2025, under which the company raised about N2.44 billion through a rights issue, leaving an unutilised balance of approximately N17.56 billion.
The company posted a pre-tax profit of N1.49 billion for the year ended December 31, 2025, marking a strong turnaround from the pre-tax loss of N854.43 million recorded in 2024.
The financial results showed that the impressive performance was bolstered by a N48 million foreign exchange gain, compared to a loss of over N2 billion in the prior year, representing a significant year-on-year improvement of 274%.
Warning: Undefined variable $post_id in /var/www/nairametrics/wp-content/themes/nairametrics/comments.php on line 134
Warning: Undefined variable $post_id in /var/www/nairametrics/wp-content/themes/nairametrics/comments.php on line 134