Neimeth floats new subsidiaries: Plans to enhance market share
December 17th, 2007 Tunde Brown || tunde.brown@stockmarketnigeria.com
By Tunde Brown
Neimeth Pharmaceuticals Plc, recently floated new subsidiaries namely, Neimeth Integrated Services Limited (NISL) and Worldwide Healthcare Limited (WHL). The chief executive officer of the company, Mazi Sam Ohuabunwa noted at the official unveiling of the new subsidiaries that they are to support the company’s core pioneering effort at sponsoring and commercializing local research into new drugs for key ailments that afflict Africans and blacks all over the world.
He added that Neimeth Integrated Services Limited (NISL) included fast consumer products with earliest entry in health and energy drinks as well as skincare products, among others. Worldwide Healthcare Limited (WHL), on the other hand, would be a household name in health system management, distribution and multi-level marketing with focus on natural and health promoting products.
The Neimeth chief further disclosed that the contributions from the two new subsidiaries would enable the company to achieve the projected sales growth of N10 billion by the year 2010. Corroborating the position of Mazi Sam, was Mr. Dona Anochie, the Chief Operating Officer of the company, who explained that the company NISL will be in position to improve Neimeth cash flow since its consumer cash-and-carry orientation is likely to generate significant amount of cash.
In the mean time, the NISL team has set a N4.5billion sales target achievable between now and 2010, while WHL hopes to make the best of its array of business segments to improve the sales records of the company.
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