Neimeth International Pharmaceuticals Plc will convene a virtual meeting for shareholders on March 31, 2026, following a Federal High Court order.
The court-ordered meeting, directed by Honorable Justice Y. Bogoro on February 5, will seek approval for the transfer of N1.9 billion from its Share Premium Account to Revenue Reserve.
The proposed transfer would reduce the company’s Share Premium Account from N2.37 billion to N390.01 million.
Funds transferred to the Revenue Reserve could be used for dividends, operating expenses, or investments.
The scheme of arrangement was submitted to the court and endorsed by the company’s chairman.
Directors are authorised to approve any modifications required by the Securities and Exchange Commission or the court.
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The proposal aligns with Neimeth’s recent announcement to raise N20 billion through the capital market to support expansion plans.
Managing Director Pharm. Valentine Okelu stated the funds will complete expansion projects, improve working capital, and increase production capacity.
Neimeth posted an unaudited pre-tax profit of N1.48 billion for 2025, reversing a loss of N854.43 million in 2024.
Revenue rose 64 per cent, while total assets increased 25 per cent to N14.93 billion.
The company restructured loans during the year, raising N6.7 billion while repaying N2.2 billion.
Year-to-date in 2026, Neimeth’s stock has surged over 116 per cent, currently trading at N11.55.
Successful approval of the share transfer would provide additional financial flexibility for funding growth initiatives.
