January 11, 2018 / 4:38 PM / in 4 months

Flour Mills of Nigeria to start $130 mln share sale on Jan. 15 -bourse

LAGOS, Jan 11 (Reuters) - Flour Mills of Nigeria plans to start marketing a share sale to existing investors aimed at raising 39.86 billion naira ($130 million) on Jan. 15, the bourse said on Thursday, after granting approval.

The flour manufacturer will offer 1.47 billion ordinary shares at 27 naira apiece, a 18.2 percent discount to Thursday’s market price of 33 naira. It will offer nine new shares for every 16 already held via the rights issue.

$1 = 306.35 naira Reporting by Chijioke Ohuocha; Editing by Mark Potter

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