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Business News

Just few weeks after proposing dividends May & Baker announces capital raise

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Theophilus Danjuma

The shareholders of May & Baker Nigeria Plc have approved Board’s bid to raise capital for the purpose of financing the company’s refocused business model. The approval came yesterday, May 31st, during May & Baker’s  67th Annual General Meeting which was held in Lagos.

Almost all the shareholders present at the AGM voted in support of the plan to increase the company’s share capital to ₦3 billion. Hitherto, the company’s share capital stood at ₦1.9 billion; i.e., 3.8 billion ordinary shares of 50 kobo. The ordinary shares will now increase to 6.0 billion following the approval for share capital raise.

The shareholders also gave their approval to the company to either sell or lease two of its properties located in Lagos.

A proposed dividend payment of 20 kobo per share for the financial year ended December 31st, 2017 was also approved.

Meanwhile, speaking at the event, the company’s Chairman, Lt. Gen Theophilus Danjuma (rtd) reiterated the Board’s resolve to raise capital for expansion purposes, stating that it was high time.

He also stated that the company will soon issue new shares for sale, and he hoped that investors will take advantage of the opportunity.

According to him, the company is now positioned for growth and profitability. This is due to an envisioned strategic five year plan which will see the healthcare company expand and hopefully become the  sector’s leader in the whole of Sub-Saharan Africa.

 Our rights issue will soon open and I hope shareholders will take up their rights to support our company in achieving its new vision. We shall all reap the rewards in the immediate future and beyond. -Danjuma

He also gave more insight into the reason behind the company’s decision to divest its food line, stating that it was all part of the strategic plan to steer the company in the right course of growth and profitability.

Recall that May & Baker sold its food line to Dufil, for ₦775 million.

Also speaking during the AGM was May & Baker’s Managing Director, Mr. Nnamdi Okafor, who stated that the company’s decision to sell the two properties in Lagos is due to their dormancy. According to him, proceeds from the sale of the properties will be reinvested in the company’s Abuja property as well as another property in its Ota manufacturing complex.

May & Baker was founded in 1944 and it is one of Nigeria’s foremost companies and the first in the pharmaceutical industry. Its shares are listed on the Nigerian Stock Exchange, and they traded at ₦2.66 during today’s NSE session.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Coronavirus

Covid-19: WHO approves China’s Sinopharm vaccine

WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.

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Covid-19: First world nations oppose waiving intellectual rights for vaccine development

The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.  The vaccine is reported to have 79% efficacy against covid.

This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.

“This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.

The WHO added that the easy storage requirements make it highly suitable for low-resource settings.

“Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.

“On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.

The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.

The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.

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The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.

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Obituaries

“Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead

Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead

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A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.

According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.

Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.

READ: Abba Kyari’s last letter to President Buhari

She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.

The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.

READ: Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over

Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.

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