IMG Opens N6.39bn Rights Issue to Drive Growth 

Industrial & Medical Gases Nigeria Plc (IMG) has officially launched a Rights Issue valued at N6.39 billion, aimed at reinforcing its market presence and funding strategic expansion initiatives.

Following the signing of all necessary agreements over the weekend, the Rights Issue is now open to IMG shareholders. The offer comprises 199,797,458 Ordinary Shares of 50 Kobo each at N32 per share, providing existing shareholders with the opportunity to acquire two (2) new Ordinary Shares for every five (5) shares held as of the qualification date.

According to IMG Chairman, Aminu Ado, the Rights Issue represents a major step in the company’s long-term growth strategy.

“Today marks a crucial milestone as we officially commence our Rights Issue to raise capital, enhance liquidity, and strengthen our balance sheet by reducing existing debt. This initiative provides our valued shareholders with an opportunity to increase their equity stake and contribute to IMG’s next phase of growth. The offer will be open for a period of 28 working days, during which shareholders may either accept or renounce their rights.”, explained Ado. 

Echoing this sentiment, Managing Director and CEO, Ayodeji Oseni, emphasised the strategic use of the funds. “This Rights Issue is a defining moment in our company’s journey. The proceeds will be utilized to repay an outstanding loan secured for expansion purposes, and to fund targeted business development initiatives. We deeply value the ongoing support and trust of our shareholders and are committed to transparent communication throughout this process.

“We are confident of a strong response, as our shareholders have consistently demonstrated belief in our vision. We remain focused on unlocking future growth opportunities and driving sustained value for all stakeholders.”, affirmed Oseni. 

Managing Director, Investment Banking at United Capital Group, the Lead Issuing House, Dr Gbadebo Adenrele explained that the Company was prioritising efforts to reduce its financing burden, strengthen its balance sheet, and support long-term growth by deleveraging and unlocking cash flows for capacity expansion and other operational needs.