Business and Economy

May & Baker Nigeria Plc raises authorised share capital to N3bn

Shareholders of May & Baker Nigeria Plc  at the annual general meeting in Lagos on Thursday May 31, 2018,   approved increase in the authorised share capital of the company to N3 billion. At the meeting, shareholders voted unanimously to increase the authorised share capital from N1.9 billion of 3.8 billion ordinary shares of 50 kobo each to N3 billion of 6.0 billion ordinary shares of 50 kobo each.

Shareholders also authorised the board of the company to sell or lease any one of the company’s two properties located at Sapara Street, Ikeja. Shareholders had in 2014 empowered the company to raise N3.2 billion new equity capital.

The shareholders at the Annual General Meeting of 2014 had given approval for the recapitalization of the business through the injection of fresh equity capital into the business. Addressing the shareholders, Chairman, May & Baker Nigeria Plc, Lt. Gen Theophilus Danjuma (rtd), said the board of the company believes that the time is now right to raise the funds to enable the company harness new opportunities.

‘Therefore our rights issue will soon open and I hope shareholders will take up their rights to support our company in achieving its new vision. We shall all reap the rewards in the immediate future and beyond,” Danjuma said.

He outlined that the company has envisioned a new vision that will see it dominating the Sub-Saharan Africa (SSA) markets in line with its new vision of being the leading healthcare brand in SSA. According to him, the new five-year strategic plan of the company entails focus and expansion along the company’s competitive advantage of healthcare and it will soon begin to establish footprints and seek dominance in this area in the SSA region.

“Your company has turned the corner and is now solidly on the path of growth and strong profitability. Our plan in the next few years is to focus on driving our new vision, strategic goals and establishing our footprint as a leading healthcare brand in Sub-Saharan Africa.



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