Skye Bank, First bank take over Evans Medical assets

Must Read

Guinness Nigeria unveils new Guinness Smooth Stout

Guinness Nigeria Plc has introduced its newest brand, Guinness Smooth stout into the market.According to the company, Guinness Smooth...

HOW TO GET FUNDS FOR YOUR SMALL BUSINESS

No doubt, startups can be very exciting, but the challenge of raising capital for it to get some footing...

Mom’s Aloe Enters Nigeria’s Juice and Beverage Market

The number of brands in Nigeria’s Juice and beverage market has increased by one, following the introduction of Mom’s...
- Advertisement -
- Advertisement -

Evans Medical Plc company asset will be taken over by its bankers; Skye Bank Plc and First Bank of Nigeria Limited, following the default of its loan.

The company management announced that it has received a court order for the company’s assets to be taken over. In a notice issued by the company, the company said it defaulted in a loan which it used its assets as collateral. The amount of loan is not stated.

“Evans Medical Plc would like to announce that the company’s bankers (Skye Bank Plc and First Bank of Nigeria Limited) have served the company with an ex-parte order of the Federal High Court dated 4th July, 2017, granting them right to take over the company’s assets used as collateral against facilities granted to the company by its bankers due to loan default,” the notice reads.

Read:  Mercedes-Benz yield much more compared to 195,000 vehicles worldwide in May

As the management called for stakeholders understanding and support during this time, it said that it has already begun discussions with the two Lenders to find a resolution to the matter in order to protect shareholders’ investments.

“The board of Evans Medical however has begun discussions with the two Lenders with a view to arriving at an amicable resolution of the matter and the discussions are progressing favourably and we are optimistic that a mutually beneficial workable arrangement will be arrived at between the banks and our Board as possible in order to safeguard the Company’s properties and assets as well as protect the shareholders’ investments.” the notice reads.

Read:  Chivita introduces new Chapman Happy Hour (Video)
Read:  Mercedes-Benz yield much more compared to 195,000 vehicles worldwide in May

Evans Medical Plc is one of Nigeria’s largest Pharmaceutical Manufacturing Company, It started business in Nigeria in 1954 and has since then been committed to the health of the Nation.

The company supplies drugs to government hospitals, registered private hospitals and registered pharmacy outlets as well as government parastatals.

The Company has in the past supplied medicines to World Bank Assisted Essential Drugs Projects (EDP) such as Cross Rivers State EDP, PTF, Ondo State Ministry of Health, Primary Health Care Projects and National Primary Healthcare Development Agency (NPHCDA). We also supply pharmaceuticals to NNPC, Shell, Chevron, Mobil, CBN, State House Clinic, etc. on a regular basis.

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

HOW TO GET FUNDS FOR YOUR SMALL BUSINESS

No doubt, startups can be very exciting, but the challenge of raising capital for it to get some footing...

The Biggest Day For Oil In 50 Years

There is only one real story this week: the Abqaiq attack was the largest supply disruption in more than 50 years and it led...

Coca‑Cola HBC named global beverage industry leader in Dow Jones Sustainability Indices

Coca‑Cola HBC is leading the way in sustainability for the beverage industry, after achieving the highest sustainability ranking in the world and in Europe...

Guinness Nigeria unveils new Guinness Smooth Stout

Guinness Nigeria Plc has introduced its newest brand, Guinness Smooth stout into the market.According to the company, Guinness Smooth is a new expression of...

More Articles Like This