Skye Bank, First bank take over Evans Medical assets

Abraaj

Evans Medical said First Bank and Skye Bank have taking over assets of the company used as collateral.

Evans Medical said in a statement that the two banks have served a court order to take over the company’s assets used as collateral to secure loan from the two company bankers.Read the statement released below:

“Evans Medical plc (“Evans Medical” or “the Company”) 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 the right to take over the Company’s Assets used as collateral against facilities granted to the Company by its Bankers due to loan default. A Receiver Manager, has also been appointed and has taken over the assets of the Company.

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 soon as possible in order to safeguard the Company’s properties and assets as well as protect the shareholders’ investments.”

ABOUT EVANS

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 Research,Development and Manufacturing of safe and effective medicines and nutraceuticals of highest standards.

Evans Medical Plc has its manufacturing facility located at Agbara in Ogun State and a Corporate Office at Isolo in Lagos State, Nigeria. The Product ranges of Evans Medical Plc are well over thirty and are household names across Nigeria and the West Africa sub region. Amongst which are, MULTIVITES, COFTA, VANCLOX, RAPIDFLOX, AMOVIN, FERBELAN, DEQUADIN LOZENGES, ALLENBURYS GLUCOSE-D, CALAMINE LOTION ETC.

In other to increase the revenue base of the company and to ensure that it does not only remain competitive but also relevant in the Healthcare services now and the future, Evans Medical Plc undertook a restructuring that saw the company metamorphosizing into four different companies.