Shareholders of Neimeth International Pharmaceuticals Plc have approved a significant expansion of the company’s capital-raising programme, authorising the board to raise up to ₦50 billion to support future growth and strategic investments.
The approval was granted during the company’s 67th Annual General Meeting (AGM), held virtually on June 25, 2026, marking one of the largest funding mandates in the company’s history.
Board Gets Approval for Additional ₦30 Billion Capital Raise
The latest resolution builds on an earlier shareholder approval granted on June 23, 2025, which authorised the company to raise up to ₦20 billion. Of that amount, approximately ₦2.44 billion has already been raised through a rights issue.
Shareholders have now approved an additional ₦30 billion, bringing the total capital-raising authority to ₦50 billion.
After deducting the amount already raised, the company has approximately ₦47.56 billion in available fundraising capacity.
Under the approval, the board may raise funds through various instruments, including:
- Public offers and rights issues
- Private or special placements to strategic investors
- Commercial papers
- Bonds
- Convertible and non-convertible securities
- Medium-term notes and other debt or equity instruments
The securities may be issued in one or multiple tranches, subject to market conditions and regulatory approvals.
Shareholders Waive Pre-emptive Rights
As part of the resolution, shareholders approved standby underwriting arrangements for future public offers and rights issues.
They also waived their pre-emptive rights over any unsubscribed shares arising from rights issues, giving the board the flexibility to allocate those shares to interested investors on comparable terms.
The board was further authorised to appoint professional advisers, execute all necessary transaction documents, increase the company’s issued share capital where required, and amend its Memorandum of Association to reflect any capital restructuring arising from the fundraising exercise.
Expansion Strategy
The expanded fundraising authority is expected to strengthen Neimeth’s financial capacity as it pursues strategic expansion initiatives across Nigeria’s pharmaceutical industry.
The company is positioning itself to increase manufacturing capacity, expand distribution networks and take advantage of growing demand for locally produced medicines amid ongoing efforts to boost domestic pharmaceutical production.
Other AGM Resolutions
Beyond the capital raise, shareholders also approved the company’s 2025 audited financial statements and considered other routine AGM matters, including the re-election and appointment of directors, approval of auditors’ remuneration and the constitution of the Statutory Audit Committee.
The resolutions were announced by Company Secretary Chinenye Adekanmbi following the conclusion of the meeting.
With the enhanced fundraising mandate, investors will be watching closely to see how Neimeth deploys fresh capital to accelerate growth and strengthen its position in Nigeria’s healthcare manufacturing sector.
