Flour Mills of Nigeria Plans $127m Share Sale

Flour Mills of Nigeria has filed application to the stock exchange to raise 39.86 billion naira ($127 million) via a share sale to existing shareholders, the bourse said on Friday.

The flour manufacturer plans to sell 1.47 billion ordinary shares at 27 naira, a 21 percent discount to Friday’s market price of 34.13 naira. It would offer nine new shares for every 16 already held via rights issue, Reuters reports.

Proposed Rights Issue Statement Below
The Nigerian Stock Exchange (NSE) said in its weekly report that Flour Mills of Nigeria Plc through its Stockbrokers –Stanbic IBTC Stockbrokers Limited, submitted an application to the Exchange for approval and listing of a Rights Issue of 1,476,142,418 ordinary shares of 50 Kobo each at N27.00 kobo per share on the basis of 9 new ordinary share for every 16 ordinary shares held. The Qualification Date for the Rights Issue is Friday, 08 December 2017.