Neimeth sights new openings, shops for fresh funds

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Neimeth International Pharmaceuticals Plc has said that the injection of N1.23 billion from its ongoing rights issue would boost its business and deliver higher returns to shareholders. Neimeth is currently making a Rights Issue of 821.577 million shares of 50 kobo each, at N1.50 per share, to raise N1.23 billion from its existing shareholders. The offer , which has Meristem Securities Limited, as issuing house, opened on October 4 and would close on November 10, 2011. Neimeth said in a statement last Friday that the injection of the fresh funds would translate into greater harvest for all shareholders. “One unique value of the proposition is that existing shareholders will maintain their current percentage holding in the company, thereby reducing the element of dilution of shares. The current very attractive dividend yield at 4.76 per cent has further buttressed Neimeth’s position of maximising shareholders wealth,” the company said. According to the company, the pharmaceutical sector is undergoing quality evolution with many key players raising the stake, building, expanding or refurbishing plants with a view to achieving the World Health Organisation (WHO) Good Manufacturing Practice (GMP) prequalification.

Neimeth International Pharmaceuticals Plc has said that the injection of  N1.23 billion from its ongoing rights issue would boost its business and deliver higher returns to shareholders.

Neimeth is currently making a Rights Issue of 821.577 million shares of 50 kobo each, at N1.50 per share, to raise N1.23 billion from its existing shareholders. The offer , which has Meristem Securities Limited, as issuing house, opened on October 4 and would close on November 10, 2011.

Neimeth said in a statement last Friday that the injection of the fresh funds would translate into greater harvest for all shareholders.

“One unique value of the proposition is that existing shareholders will maintain their current percentage holding in the company, thereby reducing the element of dilution of shares.  The current very attractive dividend yield at 4.76 per cent has further buttressed Neimeth’s position of maximising shareholders wealth,” the company said.

According to the company, the pharmaceutical sector is undergoing quality evolution with many key players raising the stake, building, expanding or refurbishing plants with a view to achieving the World Health Organisation (WHO) Good Manufacturing Practice (GMP) prequalification.

“Neimeth, as part of this evolution, recently bagged two Internationally accepted certifications for maintaining enviable track record of quality products: NIS 14001 2004 and NIS 9001: 2008.  By these, Neimeth became the first pharmaceutical company to achieve double certification at the same time,” the statement said.

According to the company, it had completed the last phase of its transformation from a company that depended on franchised and licensed products into one relying on its own indigenously developed products and brands.

“The long years of investment in Research and Development have yielded new products and formulation which are set to take prominent positions in the Nigeria and indeed West African pharmaceuticals market.  By this feat, the royalties hitherto paid on franchised products will now be conserved forthwith,” the company explained.

Neimeth  said that it recently  launched Pyrantrin and transited TCP to NCP (Liquid Antiseptic) which had been found useful in 27 unique ways, for all round family protection.

Neimeth is determined to remain in the fore front of local manufacturing and to lead in developing “home bred” medicines with international appeal. The successes with such products as Ciklavit, Miniplus, Astemocolor and the breakthrough in Cardiovascular medicine, the company is on the threshold of being the only pharmaceutical company with a locally formulated Anti Retroviral Products.