Guinness Nigeria launches N39.7b rights issue

Guinness Nigeria Plc on Monday kick-started its new capital raising and started receiving applications from shareholders, in a bid to raise N39.7 billion in new equity funds. Guinness Nigeria is offering shares to existing shareholders in a win-win approach that allows shareholders to acquire additional shares without changing the shareholding structure.

Application list for the rights issue opened on Monday July 24, 2017 and will close on August 30, 2017. Guinness Nigeria is offering 684.49 million ordinary shares of 50 kobo each at N58 per share to existing shareholders on the basis of five new shares for every 11 shares held as at the close of business on March 15, 2017.

The offer price of N58 per share is a discount of 12.25 per cent on the company’s share price of N66.10 on the opening date. Shareholders can however trade their renounced shares through the automated trading system at the Nigerian Stock Exchange.

Chairman, Guinness Nigeria Plc, Babatunde Savage, had said that the supplementary new issue was part of the company’s long term plans to continue to invest in its business in Nigeria.

Read also: Guinness Nigeria set for N39.7bn rights issue

“We have been here in Nigeria for 67 years and, while it has been challenging in recent times for many Nigerian businesses, we remain committed to this market as evidenced by our decision to offer this Rights Issue. We are grateful for the support that we have received from our shareholders and other stakeholders up to this point,” Savage said.

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