January 11, 2018 / 5:01 PM / in a month

UPDATE 1-Flour Mills of Nigeria to start $130 mln share sale on Jan. 15 -bourse

(Adds offer closing date, market value)

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 and pasta maker will offer 1.47 billion shares at 27 naira apiece, an 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.

Flour Mills shares which climbed 57 percent last year, has gained 15 percent so far in January valuing the company at 87 billion naira ($284 million). However, they shed 1.2 percent on Thursday.

The offer ends on Feb. 21.

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

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