By Goddy Egene
Shareholders of Neimeth International Pharmaceuticals Plc have commended the board and management of the company over the performance and called for sustenance of the growth trajectory.
The shareholders, who spoke at the 62nd annual general meeting (AGM) in Lagos, made the call after hearing the expansion plans of the company as disclosed by its chairman, Ambrosie B.C Orjiako.
Nemeith recorded a profit after tax of N212 million for the year ended September 30, 2020 and recommended a dividend of N114 million for the shareholders.
Orjiako said the company had put together a two pronged expansion plan to boost its performance and increase value for investors.
Speaking, the National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Anthony Omojola, enjoined the board and management of Neimeth to keep up the growth trajectory.
According to him, the expansion programme should be done in phases to give room for flexibility and reviews.
Also speaking, another shareholder, Mr. Nornah Awoh, said the expansion would come with many opportunities and urged the company to shore up the top line even if it means to source for more soft loans.
Another shareholder, Chief Robert Igwe , congratulated the board and management for the expansion plans and assured the company of investors’ willing to invest in the projects.
Orjiako had explained that the expansion plans involved an upgrade of current plant at Oregun, Lagos to take up new products while increasing manufacturing capacity for existing products. Second part of the plan is the construction of a new multi-product facility that would be tailored to comply with the World Health Organisation (WHO) current standards of Good Manufacturing Practice (WHO cGMP) at Amawbia in Anambra State.
“Our plan is to significantly upgrade the Oregun factory and enhance its output and ensure continued compliance with current standards of Good Manufacturing Practice (cGMP)” he said.
According to him, this plant upgrade will be funded with a loan from the Bank of Industry, while the new facility in Anambra State, would be funded with loan from the Central Bank of Nigeria and proceeds of a planned N5 billion recapitalization that was approved by the shareholders at the AGM.
Also speaking, Managing Director/CEO of Neimeth, Matthew Azoji, said the plan was to make the company become a manufacturing hub for medicines and centre of excellence for pharmaceutical development in Africa. He said the Amawbia plant would be a multi-products plant and would be presented to the World Health Organisation (WHO) for certification under her current standards of cGMP.
“When this is done, the plant will offer foreign and local contract manufacturing services for drug production, research and development, formulation and validation services among others. Local and international brand owners will be encouraged to use the facility for manufacturing of their products at the same standards obtainable anywhere in the world,” Azoji said.