May and Baker Nigeria’s N2.45b Rights Issue Opens Today


Monday, October 22, 2018 / 02:30 PM / by Taofik Salako of The Nation


The application list for the N2.45 billion new capital raising by May & Baker Nigeria Plc opens today. May & Baker Nigeria is seeking to raise N2.45 billion in new equity funds from the existing shareholders. 

May & Baker Nigeria is offering 980 million ordinary shares of 50 kobo each at N2.50 per share to existing shareholders. The rights issue has been provisionally pre-allotted on the basis of one new ordinary share for every one ordinary share held as at the close of business on Tuesday, September 4, 2018. 

Application list for the rights issue, which opens today, will close on Wednesday, November 28, 2018. 

The opening of the application followed the approval of the rights issue by the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE). Shareholders had in 2014 empowered the company to raise up to N3.2 billion new equity capital. 

Capital Assets Limited and Compass Investments &Securities Limited are the stockbrokers to the rights issue, while Cordros Capital Limited and Afrinvest (West Africa) Limited are the issuing houses. 

Chairman, May & Baker Nigeria Plc, Lt. Gen Theophilus Danjuma (rtd), said the new equity funds would allow the company to harness new opportunities. 

He outlined that the company has envisioned a new vision that will see it dominating the sub-Saharan Africa (SSA) markets in line with its new vision of being the leading healthcare brand in SSA. 

According to him, the new five-year strategic plan of the company entails focus and expansion along the company’s competitive advantage of healthcare and will soon begin to establish footprints and seek dominance in this area in the SSA region. 

“Your company has turned the corner and is now solidly on the path of growth and strong profitability. Our plan in the next few years is to focus on driving our new vision, strategic goals and establishing our footprint as a leading healthcare brand in sub-Saharan Africa. The company will strive to acquire required competencies in related business areas, expand its regional reach to explore new markets, improve capacity utilisation at our WHO GMP pharmaceutical facility in Ota and continue to deliver value and returns on investments to our loyal shareholders,” Danjuma said. 

He urged shareholders to support the realisation of the company’s vision by picking their rights issue, assuring that shareholders will reap the rewards in the immediate future and beyond.


 Proshare Nigeria Pvt. Ltd.

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