Flour Mills of Nigeria to raise US$179.3m in rights offer

Flour Mills of Nigeria to raise US$179.3m in rights offer
Published: 08 September 2011

Flour Mills of Nigeria Plc plans to raise as much as NGN28bn (US$179.3m) in a rights offer, according to Chief Executive Officer Emmanuel Ukpabi.

The company received shareholder approval for the plan at its annual general meeting held today in the commercial capital, Lagos, he said from the city. Flour Mills will use the money to diversify into new markets including power generation, Ukpabi said, without commenting further.