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Flour Mills Soon Embarks On Rights Issue, Aggressive Expansion In the Works

By on October 25, 2011

Flour Mills Plc, a blue chip company operating in the Food and Beverages sector has stated that it will raise N 28.24 Billion in a rights issue.

Shareholders approved the deal in June this year that will see the company make available 455,566,222 ordinary shares valued at 50 kobo for N 62.

The company has been embarking on business expansion exercises that span agro-allied, food an cement areas of its production.

Proceeds of the issue will also be used to offset debt positions entered into during its acquisition of United Cement.

Stanbic IBTC is the lead issuing house for the rights issue that is scheduled to open on November 14th and close on November 21st.