SHAREHOLDERS of Pharma-Deko Plc have given the company their unanimous approval to raise fresh funds from the capital market.
A statement by the company said that the approval was given at the company’s 43rd yearly general meeting.
According to the statement, shareholders said the company could raise the fresh funds by way of Rights Issue.
The Managing Director, Pharma-Deko, Adekunle Abibu, said the funds the company planned to raise would be used to boost its activities and increase its working capital.
He said, “however, we hope with the assurance of our shareholders to turnaround the company, there would be an injection of fresh equity funds by way of Rights Issue as unanimously passed among the resolutions considered at this meeting.
“We are glad to note that the shareholders have asked that we fast-track actions required for this exercise, as they are willing and fully ready to take up their rights, and we know that this would ensure the success of the offer.
“We remain confident that with the fund generated by way of Right Issue, the company’s pharmaceutical and consumer plants’ facilities will be upgraded to ensure compliance with international recognised standards.”
The statement explained that the company recorded 13 per cent decrease in turnover in the year 2012, and recorded a profit after tax of N741 million after considering the de-recognition of loan liability of N671 million.
“The year 2012 was a remarkable year for the company as there was significant improvement in our financial statements marked with the reconstruction of its balance sheet. The total equity of the company and the shareholders fund which have been in the negative since 2007 was transformed to positive in 2012,” Abibu said.
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