Unilever, advisers sign pact on N58.9bn Rights Issue 

Financial advisers, other parties to the   N58.851 billion Rights Issue of Unilever Nigeria Plc and directors of the company have held a signing ceremony for a successful issue. This followed the receipt of clearance documents from the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) in respect of the Rights Issue. Unilever Nigeria wants to raise N58.851 billion by way of rights to existing shareholders on the basis of 14 new shares for every 27 shares held by shareholders at an issue price of N30 per share.

Speaking at the signing ceremony, the ManagingDirector of Unilever Nigeria, Mr. Yaw Nsarkoh said: “Through this Rights Issue, we will be able to reinforce our financial flexibility to support our growth initiative and also give shareholders an opportunity to consolidate their shareholding position.

The proceeds of the Rights Issue will be used to repay our outstanding foreign currency denominated liabilities, purchase additional raw materials required for our products and to meet other working capital requirements in other to build long term value for all stakeholders.”