Evans Medical increases share capital base to 500m

In a move to modernize the operations of Evans medical Plc, its shareholders had on the 53^rd Annual General Meeting approved the increase of its authorize share capital base from 250million to 500million by the creation of additional 500million ordinary shares of 50K each.

While addressing the shareholders during the recent AGM, the company’s chairman Mr. Safudeen Edu said the company has concluded arrangement to approach the Nigerian Stock Exchange to raise funds and enable it finance its expansion and modernization programme.

He said Evans Medical Plc would reconstruct its factory to the standard of the World Health Organisation which will be completed by the end of the 1^st quarter of 2008.

The reconstruction will also give Evans a competitive advantage in the export of health care products from Nigeria.

According to the company’s record, there was increase in spending in marketing of the newly introduced products during 2006 financial year. Within the year under review, Evans Medical Plc improved in group sale revenue from N2.529million in 2005 to N2.908million in 2006.

Profit after tax stood at N86.7million in 2006 as against 14.2million in the preceding year.  

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