Flour Mills of Nigeria Plc, on Wednesday, August 12, sought the approval of the Nigerian Stock Exchange, NSE, on proposed N30.069 billion rights issue.
The company is proposing rights issue of 1,093,438,828 ordinary shares of 50 kobo each at N27.50 kobo per share.
The NSE on Wednesday notified its dealing member that Flour Mills of Nigeria Plc has through its stockbroker; Stanbic IBTC Stockbrokers Limited submitted an application to the exchange for approval and listing of a rights issue of 1,093,438,828 ordinary shares of 50 kobo each at N27.50 kobo per share on the basis of 5 new ordinary shares for every 12 ordinary shares held.
According to the exchange, “the qualification date for this rights issue is today, 12 August 2015.”
Flour Mills had earlier reported a decline of 5.2 per cent in its revenue. It posted a revenue of N308.8 billion, a decline of 5.2 per cent over N325.79 billion of last year.