CardinalStone Completes N21bn Rights Issue for Fidson

CardinalStone, a leading independent investment bank in Nigeria, has successfully completed a N21 billion rights issue for Fidson Healthcare Plc, a prominent indigenous pharmaceutical manufacturer. The transaction closed with an impressive 117% subscription rate, indicating strong investor confidence in Fidson's long-term growth strategy within Nigeria's healthcare manufacturing sector.

The rights issue is expected to support Fidson's expansion across manufacturing infrastructure, product development, and distribution capabilities, thereby improving access to affordable quality medicine and strengthening the domestic healthcare value chain. This capital raise is significant for Nigeria's pharmaceutical industry and the broader economy, especially as the country seeks to reduce its reliance on imported pharmaceutical products.

The successful execution of this rights issue underscores CardinalStone's capabilities in the Nigerian capital market and its commitment to mobilizing private sector funds for impactful national development.