Nigeria: Shareholders Endorse Flour Mills N28 Billion Right Issue

24 October 2011

Shareholders of Flour Mills of Nigeria Plc have endorsed the company's plan to raise N28.245 billion from the Nigerian capital market through rights issue.

The company is seeking to raise N28.245 billion from the market through the issuance of 455.566 million ordinary shares at N62 per share in the ratio of eight for every 33 ordinary shares, is designed to help it shore up its capital base and pursue its diversification programme.

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