Guinness Nigeria offers 5 for 11 shares in N39.7 bn Rights Issue

Guinness Nigeria Plc would be raising N39.7 billion in new equity funds
from shareholders in the book of the company as at the close of business
yesterday. Details shows that the board of directors of Guinness Nigeria,
through its stockbroker, Stanbic IBTC Stockbrokers Limited, filed
application for regulatory approval for the supplementary new issue.

According to the regulatory filing, Guinness Nigeria will be offering
684.495 million ordinary shares of 50 kobo each to shareholders at a
discounted price of N58 per share.

The rights’ shares will be pre-allotted
on the basis of five new ordinary shares for every 11 ordinary shares held as at March 15, 2017.

The rights’ issue price of N58 per share represents a discount of 17 per
cent from Guinness Nigeria’s last traded price of N70 per share on
Wednesday at the Nigerian Stock Exchange (NSE).