The erstwhile Dannex Limited applied to the Ministry of Trade and Industry for assistance under the Government of Ghana Stimulus Programme. The company was selected and approved for support under the programme.

Dannex Limited with the approval of its shareholders subsequently applied to GCB Bank to access the stimulus facility.

The Bank is currently processing the Stimulus facility application and has reached an advanced stage.

With the merger of Dannex Limited, Ayrton Drug Manufacturing Limited and Starwin Products Limited, resulting in Dannex Ayrton Starwin PLC, which was successfully listed on the Ghana Stock Exchange on 15th January 2020, there is the urgent need for the new company to seek further authorization from the shareholders of the merged entity on March 20, 2020 to complete the pending application for the facility.

The facility applied for would be used for the following, all of which will enable the company to pursue its growth agenda:

1. Capital expenditure for retooling of Factories, Laboratory and Information Technology and Sales Operations.

2. To fix factory gaps identified by the Ghana Food and Drugs Authority, captured in CAPA (Corrective Action Preventive Action) plans.

The Stimulus facility comes with a concessionary interest rate of 10% which will be extremely beneficial to the company.

Although the interest rate applicable in total to the stimulus facility is 20%, the Government of Ghana through the Ministry of Trade and Industry would bear 50% of the interest rate payable.

The company therefore seeks your authorization to complete the pending application with GCB Bank for the Cedi equivalent up to US$ 6 Million (Six Million United States Dollars) for the purpose stated above.