Neimeth gets 15 days’ extension of N3.67bn rights issue

By Innocent Obasi

Neimeth International Pharmaceuticals Plc has extended by 15 days its rights issue aimed to raise about N3.67 billion from the capital market.

The Securities and Exchange Commission (SEC) approved the extension after Neimeth submitted a request to that effect.

The healthcare organisation stated that it requires the funds to build a new multi-product factory in Anambra State that would adhere to the most recent standards of the World Health Organisation (WHO) for Good Manufacturing Practice.

The firm is selling a total of 2,373,947,500 units of stocks at a unit price of N1.55. The shares would be allotted at the rate of five new shares for every four shares currently held in the company as of Friday, April 22, 2022.

With the extension, the exercise, which started on Wednesday, August 3, 2022, will now end on Thursday, September 15, 2022 instead of Thursday, August 25, 2022 as earlier scheduled.

The Nigerian Exchange (NGX) Limited confirmed the development in a circular, stating thus: “We refer to our market bulletin of 3 August 2022 with reference number: NGXREG/LRD/MB48/22/08/03 whereby the market was notified that trading in Neimeth International Pharmaceuticals Plc’s rights issue of 2,373,947,500 ordinary shares of 50 Kobo each at N1.55 per share on the basis of five new ordinary shares for every four ordinary shares held as at the close of business on Friday, April 22, 2022, opened on Wednesday, August 3, 2022, and will continue until Thursday, August 25, 2022.

“Trading licence holders are hereby notified that Neimeth International Pharmaceuticals Plc has obtained the approval of the Securities and Exchange Commission (SEC) to extend Neimeth’s Rights by 15 working days.”