Neimeth International Pharmaceuticals Plc has seen its share price jump by over 45% week-to-date on the Nigerian Exchange following its 66th Annual General Meeting (AGM), where capital-raising and expansion plans were adopted.
At the AGM on Monday, June 23, shareholders approved a plan allowing the company’s directors to raise up to N20 billion by issuing shares, a move aimed at strengthening its capital base.
Shareholders were also told that Neimeth redirected N1.5 billion originally intended for a new plant in Anambra to expand its existing factory in Lagos, with the Chairman noting that updates will be provided as the project progresses.
