Flour Mills of Nigeria is set to raise $180.019 million through a rights issue, Bloomberg reports. The company is selling 455.6 million shares in the rights offer, and shareholders will be entitled to purchase eight new shares for every 33 already held.
Stanbic-IBTC Bank is the lead issuing house and FCMB Capital Markets and Zenith Capital Markets are joint issuing houses. The company plans to use the proceeds to boost its food, cement and agro-allied businesses and its baking and food technology centre, adds BusinessDay.
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