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Guinness Nigeria target fresh N40bn, plans EGM to get approval on Rights Issue

Guinness Nigeria Plc has announced its intention to hold an Extraordinary General Meeting (EGM) of its shareholders to approve resolutions for a rights issue. The rights issue is subject to the approval of the relevant regulatory authorities.

Scheduled tentatively to hold on January 24, 2017 in Lagos, the EGM will provide opportunity for the management to explain the reasons behind the Right issue.

The company believes the rights issue will allow the company to optimize its balance sheet improving its financial and operational flexibility.

Analysts say if the approval is secured, full details of the rights issue, which is expected to raise up to N40 billion if fully subscribed, will be issued prior to the launch.