Fidelity bank card banner Camano banner

Guinness receives SEC, NSE approvals to float N39.7bn issue

By News Express on 05/07/2017

Views: 997

•Guinness Nigeria MD Peter Ndegwa
•Guinness Nigeria MD Peter Ndegwa

Guinness Nigeria Plc has received the approvals of the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) to float a rights issue of N39.70 billion.

The company said in a statement on Tuesday in Lagos that it had received clearance of the issue documents from both regulators to list the new shares on the NSE.

It said that the funds raised would support the company in executing its strategy in the context of ongoing external economic challenges.

The News Agency of Nigeria (NAN) reports that the company had in January received shareholders’ approval to raise N39.70 billion by way of rights to the existing shareholders.

The offer would be on the basis of five new shares for every 11 shares held by shareholders, whose names appeared in the register of members of the company as of March 15, 2017 at N58 per share.

The issue price represents a discount of 15 per cent to the company’s closing share price on March 14, being the last day prior to the announcement of the proposed rights issue by the exchange.

It said that Stanbic IBTC Capital Limited is the issuing house for the rights issue.

The company said that full terms of the rights issue would be set out in a tight circular to be mailed directly to its shareholders and would contain a provisional allotment letter and participation form.

According to the statement, Mr Peter Ndegwa, the company’s Managing Director, said that the rights issue would enable the company to deliver on its strategic objectives.

Ndegwa said that the issue would afford the shareholders a unique opportunity to increase the number of shares they already hold in the company.

“Our expectation is that funds raised will help to mitigate the impact of increasing finance costs, optimise our balance sheet and improve the company’s financial flexibility.” (NAN)

 

Source News Express

Posted 05/07/2017 05:41:51 AM

 

 

CLASSIFIED ADS

 

You may also like...
Ex-Defence Chief Badeh returns home to heroic welcome...

Okowa congratulates Osinbajo, Onnoghen

Breaking News: Obiano floors Ngige, Nwoye at Appeal...

2013 AFCON semi-finals: IT’S NIGERIA vs MALI, GHANA...

Cattle rustlers surrender weapons in Zamfara

Ex-Generals, Governors, Ministers regroup for 2019 battle

Akpabio proffers solution to Nigeria’s educational problems

World Assembly of Youths to mediate in Niger...

10,000 flee Cameroon border as Boko Haram increases...

Impeachment: Ekiti lawmakers give Chief Judge 7 days...

INEC releases 2019 election guidelines • All the...

Okowa bags Pastors Diamond Award, charges leaders to...

 

Latest News Many injured, goods worth millions of naira destroyed as Hausa, Yoruba clash in Lagos Okowa condemns attack on Ekweremadu, urges Germany not to spare perpetrators Makinde appoints ex-police chief Fatai Owoseni Special Adviser on Security Matters MASSOB faults IPOB over attack on Ekweremadu, says Igbo leaders not responsible for non-actualisation of Biafra Ekweremadu’s attack: Identify the culprits, Senate president tells German authorities Migrant Fulani causing problem in Nigeria – Miyetti Allah Nine confirmed dead in attack on mourners in Benue Tomorrow's strike will be total, comprehensive – Varsity workers Reorder Nigeria to avert strife, Nwabueze group tells Buhari 2021: We won’t zone Anambra governorship – PDP Three killed, seven injured in soccer riot South East PDP calls for arrest of Ekweremadu’s attackers

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (527,839 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (438,147 views) Shameless Genevieve Nnaji exposes breasts in public (382,914 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (321,798 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (289,853 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (250,934 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (245,545 views) 10 cars more expensive than Jets (232,207 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (227,602 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (213,851 views) Lagos plane crash: Journalist releases victims’ names (192,802 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (190,732 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (98) Business & Economy (4,395) Business Verdict (78) Columnists (1,093) Complaints & Requests (95) Enterprise & Opportunities (214) Entertainment (647) Features (795) Global Business Monitor (417) ICT Monitor (58) International (3,840) Interview (198) Live Commentary (30) Love Matters (166) Maggie's Blog (379) News (50,109) Opinion (1,323) Pidgin (17) Politics (11,311) Religion (1,085) Sports (2,133) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera