Nigerian Pharma Tycoon Fidelis Ayebae's Fidson Looks To Raise $26.3 Million In Share Offering

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nigerian pharma tycoon fidelis ayebaes fidson looks to raise 263 million in share offering

Fidson Healthcare Plc, a leading Nigerian pharmaceutical manufacturing company led by Fidelis Ayebae, an accomplished banker turned pharmaceutical tycoon, has received shareholder approval to raise N20 billion ($26.3 million) through a share offering program. This resolution was passed during the company's annual general meeting on July 4.

The resolution states, "The Directors be and are hereby authorized to raise additional capital of up to N20,000,000,000 (20 billion naira) or such amount as the Directors may deem fit through an allotment of shares to be issued whether by way of a public offering, rights issue, strategic allotment, private/special placement of shares or through a combination of methods, subject to terms and conditions to be determined by the Directors."

This move is part of a broader trend among publicly traded firms to generate capital through share offerings. It showcases Fidson Healthcare's efforts to secure funding from various avenues amid high interest rates in Nigeria.

Financial performance and growth

Fidson Healthcare, under the leadership of Fidelis Ayebae, has been navigating challenges in the pharmaceutical industry. The company has shown strong financial performance and strategic growth.