Xechem International Inc. (fka XKEM)

[pickleking]

Not sure if this has been posted before:

Xechem Pharmaceutical N2.5 billion IPO

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Xechem plan N2.5billion IPO. From what I gather, they already enjoy good patronage from foreign investors which puts them in good company.

Culled from BusinessDay, published Monday 9 April, pg 11.

Xechem Plans N2.5billion IPO
BusinessDay
Badejo Ademuyiwa, Abuja

Xechem Pharmaceuticals Nigeria Limited is heading to the capital market to raise N2.54 billion through an Initial Public Offer to buoy its working capital.

The IPO is being perfected by Chapel Hill, and will hopefully be in the market by September, this year.

Xechem in agreement with the Ministry of Health and the National Institute for Pharmaceutical Research and Development (NIPRD) is to develop, produce, sell and market NICOSAN.

NICOSAN, a non-toxic drug from extracts from tropical plants, was developed by NIPRD scientists to manage sickle cell disease.

Iretiolu Oniyide, managing director, Xechem Nigeria, disclosed this during a facility tour of the plant at Sheda, Abuja and noted that the offer will complement other facilities under way to improve the working capital of the drug firm.

Bullet points:

• $8 million has been invested to date.

• A N350 million NEXIM loan to be sealed next week.

• Direct investment of $12 million from the USA.

• $9.2 million facility guarantee from U.S Exim/

• Local guarantee from Diamond bank and Bank PHB.

• NISCON is currently available from 1,500 pharmaceutical shops across the country.

• Target of four and eight million capsules per day to meet Nigerian demand and that of the continent.

Taken from:

http://www.stockmarketnigeria.com/forums/other-stocks-investment-strategies/172-xechem-pharmaceutica...