Industrial & Medical Gases Nigeria Plc (IMG) has introduced that it has formally opened its proposed Rights Challenge valued at N6.39 billion.
The corporate mentioned the supply, signed over the weekend, is now obtainable to shareholders and will probably be used to fund enlargement initiatives within the firm.
In line with the IMG, the supply consists of 199,797,458 odd shares of fifty kobo every, priced at N32 per share.
It additionally said that the Rights Challenge permits present shareholders to accumulate two new odd shares for each 5 held as of the qualification date.
In line with the corporate’s chairman, the Rights Challenge will stay open for 28 working days, throughout which shareholders might both settle for or resign their rights.
As said by IMG Chairman Aminu Ado, the capital elevate is meant to enhance liquidity, scale back debt, and strengthen the steadiness sheet, whereas giving shareholders the chance to extend their fairness stake and assist the corporate’s subsequent part of development.
Echoing this view, Managing Director and CEO Ayodeji Oseni mentioned the proceeds could be used to repay expansion-related loans and fund enterprise growth initiatives.
He added that the corporate expects sturdy shareholder participation, noting their constant assist and the agency’s dedication to clear communication.
Dr. Gbadebo Adenrele, Managing Director of Funding Banking at United Capital Group, the Lead Issuing Home, mentioned the Rights Challenge is aimed toward decreasing financing prices, unlocking money flows, and supporting IMG’s long-term development.
He famous that the supply, priced at N32 per share, represents a 20% low cost and is predicted to encourage uptake and strengthen investor confidence.
This follows a first-half efficiency by which the corporate reported larger gross sales, with income of N4.3 billion.
In its report for the interval spanning January to June 2025, Industrial & Medical Gases Nigeria Plc (IMG) recorded an 18.7% enhance in income to N4.3 billion.
Regardless of reporting a value of gross sales of N2 billion, gross revenue surged to N2.2 billion, in contrast with N1.7 billion in the identical interval of 2024.
Nonetheless, pre-tax revenue decreased to N726.7 million from N1.7 billion, primarily on account of working prices.
The steadiness sheet remained steady, with complete property of N14.8 billion and normal reserves of N5.7 billion, up 1.35%.
