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Following shareholder approval, Guinness Nigeria Plc has received clearance of the issue documents from the Securities and Exchange Commission (SEC) and approvals from the Nigerian Stock Exchange (NSE) to raise additional N39, 700,688,598 by way of rights to existing shareholders.
The allotment will be on the basis of five new shares for every 11 shares held by shareholders, whose names appeared in the register of members of the Company as at 15 March 2017 at an issue price of N58 per share.
According to the company, the funds raised will support the firm in executing its strategy in the context of ongoing external economic challenges. The issue price represents a discount of 15 per cent to the company’s closing share price on 14 March 2017, being the last day prior to the announcement of the proposed rights issue by NSE.
