June 13 (Bloomberg) -- May & Baker of Nigeria Plc, the nation’s second-biggest pharmaceuticals maker by market value, had the longest series of gains in three years as it prepares to start vaccine production through a government joint venture.
The stock climbed 4.6 percent to 2.04 naira by the close in Lagos, an 11th day of advances and the longest winning streak since May 2009.
May & Baker’s Bio Vaccines Nigeria Ltd. joint venture company, formed with the government in 2007, is set to start production, and the output “will mean a great fortune for the company,” Chief Executive Officer Nnamdi Okafor said in a phone interview today. The company is also applying for a “soft loan” from its chairman, former army general Theophilus Danjuma, Okafor said, adding that the amount is still being decided.
“The money will serve as working capital that will help the company meet its immediate needs for the manufacture of some specialized drugs for the Nigerian government,” Raheem Mohammed, chief executive officer of Lagos-based Kundila Finance Ltd., said by phone today. “The company has good prospects and that’s why investors are buying it.”
May & Baker’s shares have risen 2.5 percent this year, compared with a 2.3 percent gain in the Nigerian Stock Exchange All-Share Index in the same period.
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