The shareholders of a leading pharmaceutical company in Nigeria, Fidson Healthcare Plc, have authorized the proposal of the board of directors to seek fresh capital through any method deemed fit by them.
With the approval by the shareholders which is subject to regulatory approvals, the company will be seeking additional capital from investors to the tune of N20 billion.
According to this resolution passed by shareholders at the company’s annual general meeting held on July 4, 2024, in Lagos, directors are at liberty to choose any method suitable to raise the capital.
Shareholders during the AGM also approved the payment of about N1.38 billion as dividend for the financial year ended December 31, 2023, which comes to 60kobo per ordinary share for every shareholder of the company who is qualified for it.
In the same vein, staff and directors of Fidson are not excluded from the largesse distributable in the ongoing financial year as shareholders approved about N547 million as remuneration for managers while Non-Executive Directors are to get N23 million.
With a Market Capitalisation of N36.5 billion, Fidson has become the largest pharmaceutical company in the healthcare sector of the NSE. The company reported a turnover of N53.05 billion for the year ended 31 December 2023.