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4 months ago
Unilever Nigeria to seek approval next month for $200 mln share sale
April 12, 2017 / 12:00 PM / 4 months ago

Unilever Nigeria to seek approval next month for $200 mln share sale

LAGOS, April 12 (Reuters) - Unilever Nigeria said on Wednesday it will seek shareholder approval next month to raise 63 billion naira ($200 million) through a rights issue.

The household products maker also said it would seek approval to increase its authorised share capital to 5 billion naira by creating an additional 3.95 billion new ordinary shares of 0.50 naira each.

The local unit of Unilever plans to seek a vote at a shareholder meeting on May 11, it said in a notice, adding that it would also ask for approval to convert shareholder loans to stock as part of the share sale. (Reporting by Oludare Mayowa; editing by Chijioke Ohuocha and Jason Neely)

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