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May & Baker Seeks Approval for N2.45b Rights Issue

By Modupe Gbadeyanka

Nigeria’s first pharmaceutical company, May & Baker Plc, has written to the capital market regulator to raise a fresh capital to allow its expansion plans.

The company wants to raise a total of N2.45 billion through rights issue of 980 million ordinary shares of 50 kobo each at an offer price of N2.50k per share 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.

Recently, Chairman of May & Baker Mr Theophilus Danjuma, disclosed that “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.”

According to him, proceeds from the exercise would be used to expand the company to the Sub-Saharan Africa (SSA) markets.

“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,” Mr Danjuma had informed shareholders of May & Baker.

May & Baker closed last week on the floor of the Nigerian Stock Exchange (NSE) at N2.40k per share and as at this morning, it was trading at N2.49k per share.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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