Godstime Iwenekhai, the Head, Listings Regulation Department, Nigerian Stock Exchange (NSE), has disclosed that May & Baker Nigeria Plc, has listed additional 745,234,886 ordinary shares on the exchange.
In a released statement, Iwenekhai disclosed that the additional shares were listed on the daily official list of the NSE.
According to Iwenekhai, the additional shares listed arose from the company’s rights issue of 980,000,000 ordinary shares of 50 kobo each at N2.50 per share, which were offered on the basis of one new ordinary share for every one ordinary share held as of September 4, 2018.
Iwenekhai added that with the listing of the additional 745,234,886 ordinary shares, the total issued and fully paid up shares of May & Baker Plc has now increased from 980,000,000 to 1,725,234,886 ordinary shares.
The company’s Q3 financial performance
Note that despite the supposed difficult year May & Baker has experienced in 2018, its unaudited third quarter 2018 financial statement shows a relatively positive performance.
Revenue decreased from N6.9 billion in Q3 2017 to N6.5 billion in Q3 2018. However, profit after tax for the first nine months in 2018 increased to N414.7 million compared to N218.5 million in Q3 2017.
Based on this performance, it is safe to forecast that May & Baker is on the right path to an overall positive performance by the end of full-year 2018.
In the meantime, the company is making effort to expand its operations. Just a few months ago, its shareholders were successfully wooed into subscribing to a rights issue of 980 million ordinary shares of 50 kobo each at N2.50 per share.
About the company
May & Baker Nigeria Plc manufactures, sells, and distributes human pharmaceuticals, human vaccines, and consumer products in Nigeria.
The company operates through and Foods, Pharmaceuticals, and Beverage segments. The company offers pharmaceuticals, including anti-diabetics; anti-hypersensitive pharmaceuticals; anti-infectives; anti-malaria; analgesic; cough and cold; multivitamin; and anxiolytics. It also provides beverage drinks, including bottled water; and package foods, such as noodles.
In addition, May & Baker engages in healthcare and industrial packaging business. May & Baker Nigeria Plc was founded in 1944 and is headquartered in Lagos, Nigeria.
The company’s stock is currently trading at N2.39 on the Nigerian bourse.