- Health Plus secure funding from existing majority shareholders two years after receiving $10 million
- The funding is expected to expand the pharmaceutical's outlets in Nigeria and aid its restructuring
- Alta Semper offered the capital at a time the investor and Health Plus founder are in a court battle
Health Plus has secured more funding from the majority investor, Alta Semper. The undisclosed amount was disbursed to expand the operation of the Nigerian pharmaceutical company.
The retailer has over 70 outlets in Nigeria, and the investment was infused to increase Health Plus' footprint in the local market, adding another branch to its operation.
The recent expansion comes amid a leadership tussle between Alta Semper and Bukky George, the founder of the pharmacy. Both parties are at loggerheads regarding control of operation, and currently have an ongoing court case.
The most recent development is a contempt of court hearing, where the two are expected to defend their actions after they were both ordered to maintain the status quo in November 2020.
Within two years, the Nigerian drug store has received $10 million from Alta Semper, which has now made another funding available to the operation. The company said the funds will aid the restructuring of the pharma.
The company is reviewing its operation, and the Chief Transformation Officer, Chidi Okoro, said the company eyes more investment to deepen its pharmacy service. Commenting on the impact of the investment, Okoro said:
“With over 70 outlets manned about by 150 pharmacists, with at least one pharmacist dispensing medicines and providing counselling in each outlet, the restructuring programme will enable the company gain competitive advantage against its competitors as the healthcare industry moves slowly into the post-Covid period."
The majority investor has provided $150 million to Nigeria's healthcare markets, including Egypt and Morocco.
Meanwhile, Legit.ng had previously reported that Coca-Cola manufacturer, Nigerian Bottling Company and Rite Foods, owner of Bigi drinks are involved in a court battle over their energy products.
Rite filed a court case against NBC, stating that its Fearless brand was copied to promote Predator energy drink, a product owned by the bottling company.
Fakoyejo Olalekan is a Business and Financial Journalist with over three years of experience in covering finance and business activities within Nigeria and offshore. Prior to joining Legit.ng, he worked at Nairametrics where he wrote financial and investment analysis articles. Olalekan is a resourceful and result-driven journalist with a track record for conducting extensive research and interviews to produce articles that provide different perspectives to market activities.
Source: Legit Newspaper