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Flour Mills of Nigeria to list 30.1 bln naira rights issue
August 12, 2015 / 1:04 PM / in 2 years

Flour Mills of Nigeria to list 30.1 bln naira rights issue

LAGOS, Aug 12 (Reuters) - Flour Mills of Nigeria has sought approval from the stock exchange to list 30.06 billion naira ($151 million) shares from a rights issue, the food manufacturer said on Wednesday.

The company issued 1.09 billion ordinary shares at 27.50 naira each on the basis of five new shares for every 12 held, it said in its application to the Nigerian Stock Exchange.

Shares in Flour Mills shed 4.98 percent to 28.03 naira, weaker than the broader index, which is down 0.26 percent on Wednesday.

$1 = 198.9000 naira Reporting by Oludare Mayowa; Writing by Chijioke Ohuocha; Editing by James Macharia

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