The board of Fidson Healthcare Plc has been given the authority to raise up to N30 billion through equity by way of a rights issue and/or other equity raise methods.
The approval was given by shareholders of the organisation at its Annual General Meeting (AGM) held last Thursday.
Funds from the equity plan would be used to increase the capacity of the company as well as deepen its market share in the pharmaceutical sector in Nigeria.
Explaining more on this new capital raise, the Director of Finance for Fidson, Mr Imokha Ayabae, said proceeds from the rights issue would also be used to produce innovative products consumers need.
“This N30 billion mandate is pivotal for our future. It provides us with the financial agility to pursue strategic initiatives, including capacity expansion, product innovation and market penetration that will solidify our leadership position in the healthcare sector,” he explained.
“We are poised to leverage these funds to enhance our operational efficiency and broaden our impact across Nigeria and other African countries,” Mr Ayabae added.
Also at the AGM, shareholders approved the payment of dividend of N1.00 per share, amounting to N2.295 billion, in line with the company’s policy of giving returns to investors.
The dividend was paid out of a total earnings per share of N2.52 in line with Fidson’s cash reward policy out of the profit for the year ended December 31, 2024, which was laid before the shareholders.