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.
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.
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.