Business

NIGERIA: May & Baker MD Savours Benefits of Listing on NSE

The Managing Director, May & Baker Nigeria Plc, Mr. Nnamdi Okafor,  said  listing the company on the Nigerian Stock Exchange (NSE)  has added  significant value the company, urging  other firms  to list  and enjoy the many benefits in the market.
 
Speaking at the quarterly sectoral NSE Chief Executive Officer’s dinner at the weekend in Lagos, Okafor said the company would in November celebrate its 20 years of listing on the Nigerian bourse.
 
According to him, the company has gone to great lengths to improve value for its shareholders as it invested heavily in the construction of a world class pharmaceutical manufacturing facility,,which enhanced its asset holding by an additional N4 billion.
 
He said there are several investment opportunities in the healthcare sector, pointing out that funding is still a challenge. He therefore called for a special collaboration among capital market regulators, operators and pharmaceutical and healthcare companies to create a special funding window for the industry.
 
Okafor said May & Baker Nigeria had undertaken several significant investments in recent period through its internally generated revenue and borrowed funds, noting that the recovery at the capital market provides opportunity for better funding.
 
“With the recovery in the capital market it is our hope that more conducive funding windows will be available to us and we shall count on the support of the NSE and other operators in the capital market if we decide to approach the market,” he said.
 
Meanwhile, Okafor said the NSE, Securities and Exchange Commission (SEC) , pharmaceutical manufacturers and other healthcare operators need to work together to create a special window of investment funding for the healthcare industry through the capital market.
 
He noted that the demand for drugs and medical care remains an advantage to domestic producers as well as an opportunity for growth and development in the sector.
 
He  explained that Nigeria’s population, coupled with its high incidence of diseases, makes the country a vibrant pharmaceutical market. He said that government has indicated its intention to revamp the healthcare sector by initiating several reforms such as improved expenditure on the health sector and the empowerment of regulatory agencies.
 
“With an improved situation, pharmaceutical manufacturers have confidence to approach the capital market for funds, knowing that their investments will be quick to recover. The market has capacity to identify foreign investors interested in the pharmaceutical business and I hope it will not be improper to arrange collaborative meetings for local companies with such investors,” Okafor said.

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