Stanley OparaFlour Mills of Nigeria Plc says its N39.9bn planned rights issue is part of its growth strategy targeted at building long-term value for all stakeholders. The Group Managing Director, Flour Mills of Nigeria, Mr. Paul Gbededo, said this at the signing ceremony of the rights issue between the management of FMN and the Stanbic IBTC Bank Plc in Lagos. Gbededo said, “The rights issue is part of our strategy to grow and build long-term value for all stakeholders. The issue price of N27 represents a discount of 23 per cent to the company’s closing share price on the date of announcement. Stanbic IBTC Capital Limited is acting as lead issuing house while FBNQuest Merchant Bank Limited and Zenith Capital Limited are acting as joint issuing houses to the rights issue.

Source: Punch January 08, 2018 22:52 UTC