Stock & Analyst Updates | |
Stock & Analyst Updates | |
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Monday, October 09, 2017/5:40PM/ NSE
The Board of Directors,
Flour Mills of Nigeria Plc (FMN) has given approval in principle to the plans
to commence with activities to raise additional funds through a Rights Issue
and Medium-Term Notes.
In a statement released
recently, the company disclosed that it had registered a shelf fund raising
program in 2016 with the Securities and Exchange Commission to raise up to N40
Billion in equity funds through a Rights Issue; and plans are now in progress
towards the possibility of commencing with the first tranche. The exact amount
to be raised will be confirmed by the board of Directors in due course.
Additionally, the company
has also revealed plans to raise N70 billion through Medium Term Notes. The
company affirms that it has commenced discussions with stakeholders - Financial
Advisers, Legal Advisers and Issuing Houses to determine the right time and
cost for issuing such financial instruments which will eventually be duly
registered with the proper financial bodies.
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