Nigerian pharmaceutical company Emzor Pharmaceutical Industries has raised N26.70bn through a five-year fixed-rate bond to expand its manufacturing capacity and strengthen domestic drug production.
The Series 1 bond, which carries a 19 per cent interest rate, was issued under Emzor Pharma Funding SPV Plc’s N40bn Bond Issuance Programme and listed on the FMDQ Exchange.
The company said the funds will be used for working capital and to finance the expansion of its manufacturing operations, including the completion of what it described as Africa’s first full-scale antimalarial Active Pharmaceutical Ingredient manufacturing plant.
Emzor Chairman, Emeka Okoli, described the transaction as an important step in the company’s growth strategy and said strong investor interest demonstrated confidence in the pharmaceutical firm’s prospects.
He said completing the API plant would strengthen Nigeria’s pharmaceutical industry and contribute to greater local production of essential medicines.
The transaction was led by Renaissance Securities Nigeria Limited, with FirstCap Limited and UCML Capital Limited acting as co-sponsors.
FMDQ Group also said the listing demonstrated the ability of Nigeria’s debt capital market to provide long-term funding for indigenous companies while supporting the development of critical sectors such as healthcare.
