Neimeth International Pharmaceuticals Plc has seen its share price jump by over 45% week-to-date on the Nigerian Exchange following its 66th Annual General Meeting (AGM), where capital-raising and expansion plans were adopted.
At the AGM on Monday, June 23, shareholders approved a plan allowing the company’s directors to raise up to N20 billion by issuing shares, a move aimed at strengthening its capital base.
Shareholders were also told that Neimeth redirected N1.5 billion originally intended for a new plant in Anambra to expand its existing factory in Lagos, with the Chairman noting that updates will be provided as the project progresses.
Also at the meeting, shareholders approved the 2024 audited accounts, which showed that the pre-tax loss dropped from N1.6 billion to N854.4 million, supported by N4.4 billion in revenue from pharmaceutical sales.
Following these developments, Neimeth’s shares rose by 10.00% on Monday, June 23, topping the NGX advancers’ chart. By June 26, the stock had gained over 45%, closing at N5.40 from the week’s open of N3.80.
Neimeth’s shares began the year at N2.29 and closed January at N2.65, trading on a volume of 54.4 million shares. The bullish momentum continued into February, lifting the stock above the N3 mark.
As of the close of trading on June 26, Neimeth shares are up 45.95% for the week, trading at N5.40, with a month-to-date gain of 74%.
In addition to routine matters such as adopting the 2024 audited financials, appointing and re-electing directors, and setting remuneration, shareholders also approved several key resolutions: