Business
Unilever Nigeria to raise N59bn in new shares sale
Unilever Nigeria Plc on Wednesday filed application with the Nigerian capital market authorities to raise about N58.86 billion by selling new ordinary shares to existing shareholders.
An application filed at the Nigerian Stock Exchange (NSE) indicated that Unilever Nigeria will sell 1.962 billion ordinary shares of 50 kobo each at a price of N30 per share to existing shareholders through a process known as rights issue.
The qualification date for the rights issue was the close of business on Wednesday June 28, 2017 while the shares will be pre-allotted to shareholders in the register of the company on the basis of 14 new ordinary shares for every 27 ordinary shares held.
Shareholders of Unilever Nigeria had at the annual general meeting in Lagos approved a proposal by the board of the company to raise up to N63 billion in new equity funds by selling new shares to existing shareholders.
Read also: Osinbajo clears controversies, outlines FG’s plans for refineries
In preparation for the rights issue, shareholders also increased the authorised share capital of the company to N5 billion or 10 billion shares through the creation of additional 3.95 billion ordinary shares of 50 kobo each.
Unilever Plc, United Kingdom, the majority core investor in Unilever Nigeria, is expected to provide about N35.4 billion in the capital raising. Unilever UK holds 60.06 per cent majority equity stake in Unilever Nigeria through its Unilever Overseas Holdings BV.
RipplesNigeria ….without borders, without fears
Click here to download the Ripples Nigeria App for latest updates
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...