May & Baker Lists Additional Shares on NSE

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May & Baker Lists Additional Shares on NSE

May & Baker Nigeria Plc, Nigeria’s first pharmaceutical company has listed additional 745,234,886 ordinary shares on the Nigerian Stock Exchange (NSE).

The Head, Listings Regulation Department, NSE, Godstime Iwenekhai, in a statement on Thursday, said the additional shares were listed on the daily official list of the NSE on Thursday.

He said the additional shares listed arose from the company’s rights issue of 980,000,000 ordinary shares of 50 kobo each at N2.50 per share, which were offered on the basis of one new ordinary share for every one ordinary share held as of September 4, 2018.

The company had planned to raise additional N3.2 billion capital through the rights issue.

The Managing Director/Chief Executive Officer, May & Baker, Mr Nnamdi Okafor, said the company had earlier planned the rights issue for the fourth quarter of 2018, but had a second thought in consideration of the likely impact of the 2019 elections on the stock market.

The rights issue, which opened on October 22, 2018, closed on November 28. Iwenekhai stated that the rights issue was 76.04 per cent successful.

He added “With the listing of the additional 745,234,886 ordinary shares, the total issued and fully paid up shares of May & Baker Plc has now increased from 980,000,000 to 1,725,234,886 ordinary shares.”

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