Mr David Klutse, Managing Director IIL, who announced this, said the funds would be used to finance the remaining capital and non-capital items, adding that the transaction advisers have completed the documentation process.

Mr Klutse at the facts behind the figures programme of the Ghana Stock Exchange aimed at explaining the company’s performance to brokers, investors, and the media, said the company would help eliminate constraints to optimize plant capacity to improve utilization from 40 percent to 75 percent.

He said the company would acquire new plant and machinery to complement the existing Filling Plant to increase capacity from the proceeds of the private placement to be able to meet local demand and re-establish presence in the export market in West Africa to contribute 10 percent of total revenue in 2019.

Mr Klutse said in line with ILL vision to bring in new products to the market, the company has entered a strategic collaboration with Kwame Nkrumah University of Science and Technology  to develop generic Large Volume Parenteral and Small Volume Paranteral to Increase contribution of SVI category to 40 percent of total revenue.

Mr Klutse said the company had been challenged with adequate working capital due to challenges with the National Health Insurance in making timely payments to hospitals and facilities, but expressed confidence in the Government’s resolve to address the current funding and operational challenges of the National Health Insurance Scheme.

In the meantime, he said, the company had applied for government’s stimulus funding and that the funds made available under the Business Assistant Fund would be used to meet the company’s debt obligations to its bankers.

The company in 2017 saw its revenue jumped by 55 percent to GH¢16.4 million.