The Securities and Exchange Commission (SEC) has approved the request by Neimeth International Pharmaceuticals Plc to extend its N3.7 billion rights of issue by 15 days.
Neimeth said it needs the money to build a new multi-products facility in Anambra State that would meet the current standards of Good Manufacturing Practice of the World Health Organisation (WHO).
The company is selling a total of 2,373,947,500 units of its stocks at a unit price of N1.55 and the shares would be allotted at the rate of five new shares for every four shares currently held in the company as of Friday, April 22, 2022.
The exercise started on Wednesday, August 3, 2022, and was earlier scheduled to stop on Thursday, August 25, 2022, but with the extension, it will now close on Thursday, September 15, 2022.
Confirming this development, the Nigerian Exchange (NGX) Limited said in a circular that, “We refer to our market bulletin of 3 August 2022 with reference number: NGXREG/LRD/MB48/22/08/03 whereby the market was notified that trading in Neimeth International Pharmaceuticals Plc’s rights issue of 2,373,947,500 ordinary shares of 50 Kobo each at N1.55 per share on the basis of five new ordinary shares for every four ordinary shares held as at the close of business on Friday, April 22, 2022, opened on Wednesday, August 3, 2022, and will continue until Thursday, August 25, 2022.
“Trading license holders are hereby notified that Neimeth International Pharmaceuticals Plc has obtained the approval of the Securities and Exchange Commission (SEC) to extend Neimeth’s Rights by 15 working days.”
The share price of Neimeth closed flat last Friday at N1.57 per unit at the stock exchange.
