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Flour Mills flags off sale of N39.86bn share from today—Exchange

The Nigerian Stock Exchange (NSE), weekend announced the resumption of share sales marketing by the Flour Mills of Nigeria (FMN) to existing investors from today, January 15, 2018.

The target is to raise N39.86bn ($130m) to boost expansion and growth consolidation in a highly competitive sector of the economy.

The flour and pasta maker will offer 1.47 billion shares at N27 apiece, an 18.2 per cent discount to Thursday’s market price of N33.

It will offer nine new shares for every 16 already held via the rights issue.

Flour Mills shares, which climbed 57 per cent in 2017, has gained 15 per cent so far in January, valuing the company at N87bn ($284m).

The offer ends on Feb. 21.