Lagos, Nigeria – Neimeth International Pharmaceuticals Plc will convene a virtual meeting for shareholders on March 31, 2026, following a Federal High Court order, to seek approval for the transfer of N1.9 billion from its Share Premium Account to Revenue Reserve.
Okay News reports that the court-ordered meeting, directed by Honorable Justice Y. Bogoro on February 5, 2026, will consider reducing the company’s Share Premium Account from N2.37 billion to N390.01 million. The proposed N1.9 billion transfer to Revenue Reserve would likely fund dividends, operating expenses, or investments.
The scheme of arrangement was submitted to the court and endorsed by the chairman. Directors are authorised to approve modifications required by the Securities and Exchange Commission or the court to ensure effective implementation.
This aligns with Neimeth’s recent announcement to raise N20 billion through the capital market to support expansion plans. Managing Director Pharm. Valentine Okelu stated the funds will complete expansion projects, improve working capital, lower financing costs, and increase production capacity.
Neimeth posted an unaudited pre-tax profit of N1.48 billion for 2025, reversing a loss of N854.43 million in 2024. Revenue rose 64 percent, while total assets increased 25 percent to N14.93 billion. The company restructured loans, raising N6.7 billion while repaying N2.2 billion.
Year-to-date in 2026, Neimeth’s stock has surged over 116 percent, currently trading at N11.55. This share transfer proposal represents a strategic financial restructuring. Successful approval of the share transfer would provide additional flexibility for funding growth initiatives.
