Zrosk Investment Strengthens Position in MeCure Industries Plc with 10% Acquisition
Zrosk Investment Makes Strategic Move into MeCure Industries
Mecure Industries Plc has announced the successful acquisition of a 10% equity stake in the company by Zrosk Investment Management Ltd. This announcement occurred on October 4, 2024, through a disclosure on the Nigerian Exchange (NGX), signed by Ifedamola Oluwasegun, the company's Chief Financial Officer.
The acquisition was conducted off-market and finalized with approval from the NGX, establishing Zrosk Investment as a key shareholder in MeCure.
This investment will reinforce MeCure’s financial foundation and accelerate its growth strategy, positioning the company for expanded operations within Nigeria’s pharmaceutical and healthcare sectors.
Implications of the Acquisition
- More than just financial assistance, Zrosk's involvement indicates a mutual goal to widen MeCure's influence and enhance its impact on Nigeria's healthcare landscape.
- MeCure CEO, Arjun Udani, expressed his enthusiasm about Zrosk Investment Management Ltd. becoming a significant shareholder, stating that this investment reflects confidence in their long-term vision to deliver quality healthcare solutions for millions of Nigerians.
- According to Zrosk’s Managing Director, Samson Esemuede, MeCure is well-positioned to become a leader in the African pharmaceutical market, emphasizing its focus on building local capacity.
Esemuede added that MeCure's ability to offer affordable therapeutic solutions could significantly increase access to critical healthcare products across Nigeria.
MeCure’s Performance and Market Outlook
Based in Lagos, MeCure is a prominent entity within Nigeria's pharmaceutical sector. It has consistently leveraged innovation and advanced technology to uplift medical practices for over a decade.
Recently, in its 2024 second-quarter results, MeCure Industries reported a pre-tax profit of N1.33 billion, marking a 0.95% increase from the N1.32 billion recorded in 2023. Revenue experienced substantial growth, climbing by 38.61% year-over-year, from N12.3 billion last year to N17.1 billion in Q2 of 2024.
This acquisition is predicted to elevate MeCure’s share price; in fact, it has already surged over 8% by market close on October 4, 2024.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.