In view of prevailing market realities, leading pharmaceutical company, Fidson Healthcare Plc has reduced the size and price of its planned rights issue after it got regulatory approval from the Securities and Exchange Commission (SEC). The healthcare company disclosed this through a notice to the Nigerian Stock Exchange yesterday.
Fidson Healthcare had announced a rights issue of 900,000,000 ordinary shares of ₦0.50 each at ₦5.00 per share, on the basis of 3 new ordinary shares for every 5 ordinary shares held as at the close of business on Thursday, 5 July 2018.
The healthcare company has now gotten SEC’s approval to revised its rights issue; which will see the size and price of the offer reduced.
The new terms for the rights issue will now be 750,000,000 ordinary shares of ₦0.50 each at ₦4.00 per share on the basis of 1 new ordinary share for every 2 ordinary shares held as at Friday, December 28, 2018.
The company witnessed a slight growth in its Q3 2018 results, with revenue of ₦5.32 billion, which is a marginal 1.9% growth compared to ₦5.22 billion in the same period of 2017. In the same vein, profit after tax also increased to ₦780 million from ₦730 million in Q3 2017. This is an increase of 6.84%.
Fidson Healthcare is currently trading at N4.70 on the floor of the NSE.
About Fidson Healthcare Plc
Fidson Healthcare Plc is a leading pharmaceutical manufacturing company in Nigeria. Founded in 1995, the company has relentlessly pursued its goal of becoming a leading player in the pharmaceutical landscape in Nigeria.
Ever since its establishment, Fidson has built and cultured an organisational framework that has steadily helped us gain ascendancy in the industry. The company has crafted the pharmaceutical architecture of the industry over the years of its existence, playing very defining roles in the emergence of the new generation of industry players.