The Chief Executive Officer (CEO) of Pharmaceutical company, May & Baker, Nnamdi Okafor has disclosed that the company is targetting a turnover of N50 billion by 2023.

Okorafor made this disclosure barely a week after May & Baker commenced rights issue of N2.45 billion in a bid to raise new capital.

While revealing the company’s target, Okorafor said the company is also committed to expanding its paracetamol production capacity. According to him, some of the proceeds from May & Baker’s rights issue would be used to build a plant.

“Over N400 million of the expected N2.45 billion will be used to finance part of our equity in Biovaccines Nigeria Limited, the joint venture company for local vaccine production.

“We are also going to invest over N500 million on capacity expansion for one of our cash cow products, paracetamol, for which we are building a dedicated plant.

“Marketing and brand building is expected to take over N500 million. About N400 million will be used to offset part of its current loan portfolio of about N950 million, while the remaining will be used to buy working capital.” – Okafor

May & Baker Nigeria Plc’s rights issue opened on Monday, October 22, and would close on Wednesday, November 28, 2018. The company is planning to raise the new capital through new equity funds from existing shareholders.

Nairametrics reported that the company is offering 980 million ordinary shares of 50 kobo each at N2.50 per share to existing shareholders. The rights issue has been provisionally pre-allotted on the basis of one new ordinary share for every one ordinary share held as at the close of business on Tuesday, September 4, 2018.

The opening of the application followed the approval of the rights issue by the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE).

Capital Assets Limited and Compass Investments & Securities Limited are the stockbrokers to the rights issue, while Cordros Capital Limited and Afrinvest (West Africa) Limited are the issuing houses.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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