June 26 (THEWILL) — Shareholders of Neimeth International Pharmaceuticals Plc have approved an additional N30 billion capital raise, increasing the company’s total fundraising mandate to N50 billion to support its expansion plans and strengthen its financial position.
The approval was granted unanimously at the company’s 67th Annual General Meeting (AGM), held virtually on June 25, 2026.
It builds on the N20 billion capital raising mandate approved in June 2025, under which Neimeth has raised about N2.44 billion through a rights issue, leaving an unutilised balance of approximately N17.56 billion.
Under the new resolution, the Board of Directors is authorised to raise to N30 billion through public offers, rights issues, private placements, commercial papers, bonds, convertible and non-convertible securities, medium-term notes, or any combination of financing instruments, subject to regulatory approvals.
Shareholders also approved standby underwriting for any public offer or rights issue to ensure full subscription.
The AGM also approved the company’s audited 2025 financial statements, which showed a return to profitability. Neimeth reported a pre-tax profit of N1.34 billion, compared with a pre-tax loss of N854.4 million in 2024, while profit after tax stood at N976.4 million, reversing the previous year’s N885.3 million loss.
The expanded fundraising mandate supports the company’s long-term growth strategy, including the ongoing construction of a new manufacturing facility in Nigeria’s South-East and the planned expansion of its product portfolio. Shareholders also encouraged greater investment in herbal medicine production.
In addition, shareholders ratified the appointment of Pharm. Obinna S. Emeribe was elected as Executive Director, Sales and Marketing, and re-elected three directors by rotation.
Neimeth’s shares closed at N8.30 on June 25, up 7.1 percent for the day and 43.1 percent year-to-date, reflecting growing investor confidence in the company’s expansion strategy and improving financial performance.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
