Flour Mills seeks NSE approval on N30.1bn rights issue

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Flour Mills of Nigeria Plc had yesterday sought the Nigerian Stock Exchange (NSE) approval on proposed N30.069 billion rights issue.

The company is proposing rights issue of 1,093,438,828 ordinary shares of 50 kobo each at N27.50 kobo per share.

The NSE yesterday notified its dealing member that Flour Mills of Nigeria Plc has through its stockbroker; Stanbic IBTC Stockbrokers Limited submitted an application to the exchange for approval and listing of a rights issue of 1,093,438,828 ordinary shares of 50 kobo each at N27.50 kobo per share on the basis of 5 new ordinary shares for every 12 ordinary shares held.

According to the exchange, “the qualification date for this rights issue is August 12, 2015.” Flour Mills had earlier reported a decline of 5.2 percent in its revenue. It posted a revenue of N308.8 billion, a decline of 5.2 percent over N325.79 billion of last year.

The audited report and accounts for the financial year ended March 31, 2015 indicated that the group profit before tax was also down by 6.1 percent to N7.73 billion in 2014 from N8.2 billion posted in 2015 while profit after tax grew by to N8.47 billion from N5.4 billion, representing a growth of 58 percent.

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