Flour Mills of Nigeria to start $130m share sale on Jan. 15 – Bourse


Flour Mills of Nigeria plans to start marketing a share sale to existing investors aimed at raising 39.86 billion Naira about 130 million dollars on January 15, the Bourse said on Friday.

The flour and pasta maker will offer 1.47 billion shares at N27 apiece, an 18.2 per cent discount to Thursday’s market price of N33.

It will offer nine new shares for every 16 already held via the rights issue.

Flour Mills shares, which climbed 57 per cent in 2017, has gained 15 per cent so far in January, valuing the company at N87 billion (284 million dollars).

However, they shed 1.2 per cent on Thursday. The offer ends on Feb. 21.