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Guinness Nigeria Plc Responses to Court Process Filed by Pharma Deko Plc

Proshare

Tuesday, March 14, 2017/ 12:23 PM /NSE

Guinness Nigeria Plc
wishes to notify the Nigeria Stock Exchange and our shareholders that it has responded to a court process filed by Pharma Deko Plc which alleges that Guinness Nigeria is contractually indebted to Pharma Deko Plc in the sum of N175,699,317.99 representing an arbitral award made against the company and in favour of Pharma Deko Plc and also suggests that Guinness Nigeria is unable to pay this debt.

We strongly dispute and deny that the company is indebted to Pharma Deko Plc in the stated amount or any amount at all.

Our solicitors have filed a robust defence to Pharma Deko’s claims in court, including an application asking the court to strike out the petition for want of jurisdiction being a matter filed in abuse of court processes.

The claim by Pharma Deko Plc in the court process is for a nominal amount when compared with the revenue, cashflow and balance sheet of the company.


The management of Guinness Nigeria Plc is entirely confident of being able to repudiate the claims in court.

We wish to assure the market, our shareholders, customers, employees and other stakeholders that the company is capable of meeting its financial and other obligations and that it continues to operate as a going concern.

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