During the 19th Annual General Meeting (AGM) of Fidson Healthcare Plc, the company’s shareholders have collectively approved the payment of N300 million dividend for the year ended December 31, 2017.
The N300 million expected dividend is representing 20 kobo per ordinary share of 50 kobo.
The approved dividend increased by 200 per cent as against five kobo of the previous year.
Segun Adebanji, the Chairman of the company, while appreciating the shareholders, said following the approval, the company’s Board was implementing the decision to raise additional capital of N4.5 billion by way of a rights issue of three new shares for every five previously held.
“A total of 900 million ordinary shares will be issued, thus increasing the company’s total issued shares to 2.4 billion units and it’s issued share capital to N1.2 billion,” he said.
Adebanji further explained that the proceeds of the issue would be used to refinance some expensive debts, strengthen the working capital position of the business and fund some strategic capital expenditure.
The Chairman stressed that the capital injection from the rights issue would enable the Board and management to reposition the business in order to take advantage of visible growth opportunities.
Fidson Healthcare Plc had released its financial statement for the period ended June 30, 2018.
The company’s revenue for the H1 period stood at N7.45 billion as against N6.66 billion in the previous year. Profit before tax was N766 million as against N685 million in 2017. Profit for the period stood at N521 million as against N466 million in 2017.
Fidson Healthcare Plc is currently trading N6.00 on the floor of the Nigerian Stock Exchange (NSE).
Fidson Healthcare Plc is one of the leading pharmaceutical manufacturing company in Nigeria. Founded in 1995, the company has since crafted the pharmaceutical architecture of the industry.
Innovation, Excellence, Passion, Integrity and Ownership are five core values that form the substructure on which the company runs a world-class health centre.