Flour Mills of Nigeria Plc is considering selling new ordinary shares to existing shareholders and issuance of new debt securities to raise some N40 billion as part of efforts to bolster the capital base of the country and cushion the adverse impact of Naira devaluation on its balance sheet.
Flour Mills share price rose by N1.98 to close at N21.98 at the weekend at the Nigerian Stock Exchange (NSE). It has traded within a high of N34.05 and a low of N15.93 in the past 12 months. While details of the new issues remain sketchy.
Chief financial officer, Flour Mills of Nigeria Plc, Jacque Vauthier, confirmed that the flour-milling company has already secured the approval of the Securities and Exchange Commission (SEC) to raise some N40 billion in new equity funds over the next three years.