City Pharmacy plans to spend K30mil-K40mil on warehouse

CITY Pharmacy Ltd (CPL) will rebuild its warehouse in Port Moresby next year at a cost of K30-K40 million, says managing director Mahesh Patel.
CPL’s warehouse in Gerehu Stage 6 went up in flames in June last year, costing the company almost K70 million.
“The rebuilding will start around anytime next year,” Patel said.
He said 2018 was the year of consolidation for the company as it had to use five different warehouses in Port Moresby.
He said K45 million of fresh capital was raised in 2018 for recapitalising the company after the fire.
Patel said the Government was still slow in paying the outstanding K18 million owned to CPL by the Department of Health for pharmaceuticals.
“They are slowing paying it off now,” he said.
Patel said next year would be a year of stabilisation and growth as the company would expand CPL branches around the country.
“In 2019, we want to open some new City Pharmacy branches right throughout the country,” he said.
“CPL sees this as important to address the health and hygiene issues faced in this country.
“This will also create job employment.”
Patel said there were no plans to expand retail store Stop N Shop to other parts of the country outside of Port Moresby.
He said CPL will also be focusing on staff training and people development in 2019.