Neimeth International Pharmaceuticals Plc says it has put together a two-pronged expansion plan to boost its performance and increase value for investors.
It said this on Monday in a statement titled ‘Neimeth Plans two-pronged expansion’.
The firm said the plan involved an upgrade of the current plant at Oregun, Lagos to take up new products while increasing manufacturing capacity for existing products; and the construction of a new multi-product facility that would be tailored to comply with the World Health Organization’s current standards of Good Manufacturing Practice at Amawbia in Anambra State.
The statement said the plans were disclosed during the 62nd annual general meeting of the company in Lagos by the Chairman, Dr. Ambrosie Orjiako.
He said the plans would help the company achieve a quantum leap to become a leading healthcare conglomerate in Africa.
Speaking to shareholders at the AGM, Orjiako said the current plant at Oregun was built 44 years ago, in 1976; which though had since undergone several upgrades, still had room for technological improvement.
“Our plan is to significantly upgrade the Oregun factory and enhance its output and ensure continued compliance with current standards of Good Manufacturing Practice,” he said.
He said the plant upgrade would be funded with a loan from the Bank of Industry.
The new facility in Anambra State, he added, would be funded with loan from the Central Bank of Nigeria and proceeds of a planned N5bn recapitalisation.
The recapitalisation of N5bn was approved by the shareholders at the annual general meeting, it stated.
The Managing Director/ Chief Executive Officer, Neimeth, Matthew Azoji, said the plan was to make the company become a manufacturing hub for medicines and centre of excellence for pharmaceutical development in Africa.
He said the Amawbia plant would be a multi-products plant and would be presented to the World Health Organisation for certification under the current standards of Good Manufacturing Practice.
When this was done, he said, the plant would offer foreign and local contract manufacturing services for drug production, research and development, formulation and validation services among others.
Azoji said local and international brand owners would be encouraged to use the facility for manufacturing of their products at the same standards obtainable anywhere in the world.
Source: ThePunch, March 23, 2021