Guinness Nigeria Set for N39.7bn ($123.9) Rights Issue

Guinness Nigeria Plc on Tuesday rounded off the pre-offer process for its planned new shares issue, indicating that the N39.7 billion rights issue may open in the next few days.

The board of directors of Guinness Nigeria Plc and the professional parties to the offer formally signed off offer documents after receiving clearance of the offer documents from the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE).

Guinness Nigeria plans to raise N39.7 billion through a rights issue of five new shares for every 11 shares held by shareholders as at the close of business on March 15, 2017 at an offer price of N58 per share. Guinness Nigeria’s share price dropped by 4.99 per cent on Monday to close at the NSE at N64.54 per share.

Managing Director, Guinness Nigeria Plc, Peter Ndegwa, said the funds from the new capital raising will support the company in executing its strategy in the context of ongoing external economic challenges.

Chairman, Guinness Nigeria Plc, Babatunde Savage, said that the supplementary new issue is part of the company’s long term plans to continue to invest in its business in Nigeria, haven been in the country for 67 years.

Source: Ripples Nigeria

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