MON JUNE 29 2026-theGBJournal| Shareholders of Neimeth International Pharmaceuticals Plc have approved a fresh capital-raising programme of up to N30 billion, expanding the drugmaker’s overall fundraising mandate to N50 billion as the company seeks additional financial firepower to accelerate growth and strengthen its balance sheet.
The approval comes as Neimeth builds on improved financial performance and a sharp appreciation in its share price, with the company now valued at about N35.3 billion on the Nigerian Exchange, following a return to profitability and stronger revenue growth over the past year.
The resolution, seen by theG&BJournal, was approved at the company’s 67th Annual General Meeting held virtually on June 25.
The new approval supplements an earlier shareholder mandate granted in June 2025, which authorised Neimeth to raise up to N20 billion.
Under that programme, the pharmaceutical manufacturer has already raised about N2.44 billion through a rights issue, leaving an unutilised balance of approximately N17.56 billion.
With the latest resolution, shareholders have authorised the Board of Directors to raise an additional N30 billion, increasing the company’s aggregate capital-raising approval to N50 billion.
After accounting for the N2.44 billion already raised, Neimeth now has an available fundraising capacity of approximately N47.56 billion.
The board has been granted broad flexibility to determine the timing, structure and pricing of future issuances, subject to regulatory approvals.
Under the mandate, Neimeth may raise funds through a combination of equity and debt instruments, including public offers, rights issues, private placements to strategic investors, commercial papers, bonds, convertible and non-convertible securities, medium-term notes or other financing instruments.
The company may also execute the programme in multiple tranches and on terms determined by the board.
The expanded fundraising authority provides Neimeth with significant financial flexibility at a time when Nigerian manufacturers continue to contend with elevated borrowing costs, currency volatility and rising operating expenses, while seeking capital to expand production capacity and support long-term growth initiatives.
The capital-raising approval follows an improvement in the company’s financial performance.
Neimeth has returned to profitability, reporting trailing net income of about N984 million on revenue of nearly N7.9 billion, helping to lift investor confidence and drive a substantial increase in its market value over the past year.
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