Portland Paints and Products Nigeria (PPPN) Plc has secured the approval of the Nigerian Stock Exchange (NSE) to raise more than N1 billion in new equity funds in its bid to expand its business.
A regulatory document at the Exchange indicated that the Quotation Committee of the Exchange, which oversees new and supplementary issuance and listing, has approved the application submitted by the board of directors of PPPN and its professional advisers.
PPPN would be raising N1.02 billion through a rights issue of 600 million ordinary shares of 50 kobo each at N1.70 per share. The provisional allotment for the rights issue is on the basis of three new ordinary shares for one ordinary share. The rights issue price of N1.70 represents a discount of 5.5 per cent to the market value of N1.80 per share at the NSE.