According to latest information from Reuters, Flour Mills of Nigeria plans to raises up to NGN40 billion, approximately USD128 million in shares.
Based on the report, Flour Mills has registered the capital raise as a shelf programme with regulators, its chief finance officer said on Tuesday.
Jacque Vauthier said the directors determined that the most appropriate way to raise the funds was via a shelf programme to enable Flour Mills sell shares in several tranches over a three-year period.
Flour Mills of Nigeria Plc was incorporated in September 1960 as a private limited liability company, and commenced operations in 1962 with an installed capacity of 600 metric tons per day. The Company was converted to a public limited liability company in 1978, and its shares were subsequently listed on The Nigerian Stock Exchange.
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