Flour Mills of Nigeria said it will open bids for its share sale to existing shareholders by way of rights on Jan. 15, where it intends to raise 39.86 billion naira in fresh equity, the company said in a notice to the Nigerian Stock Exchange (NSE) on Friday.
The company had obtained regulatory approval for the rights issue in December following overwhelming support from its shareholders.
Nigeria's leading flour and pasta maker said it plans to offer 1.47 billion shares at 27 naira per share, presenting 18.2 percent premium over the previous day's market price of 33 naira.
Existing shareholders are expected to subscribe to nine new shares for every 16 already held during the period the offer will last.
Existing shareholders are expected to subscribe to nine new shares for every 16 already held during the period the offer will last.
The shareholders also have the option of trading their rights on the floor of the stock exchange in the event that they are unable to take them up.
Flour Mills shares 57 percent last year, has gained 15 percent year-to-date, putting the overall value of the company's share at 87 billion naira.
Flour Mills shares 57 percent last year, has gained 15 percent year-to-date, putting the overall value of the company's share at 87 billion naira.
The company plans to round up the equity sales by February 21, the notice stated.
0 comments:
Post a Comment