The Nigeria Stock Exchange has released a market bulletin for the listing of Flour Mills of Nigeria Proposed Rights Issue:
Shares for Subscription: 1,476,142,418 ordinary shares
Offer for Subscription: 50 kobo each
Price for Subscription: 27 Naira per share
Terms of Subscription: Nine (9) ordinary shares for every sixteen (16) ordinary shares held as at 8 December 2017
Acceptance list opens: Monday 15 January 2018
Acceptance list closes: Wednesday 21 February 2018
Flour Mills of Nigeria (FMN) is a Nigerian Agribusiness company founded in 1960 by George Coumantaros. FMN employs 12,000 people and became a Public Limited Company in 1978. John Coumantaros, son of the Founder, has being the Chairman of the Board of the Company since 2014. Flour Mills did 524.46 billion naira for FY 2017 in gross revenues, its projected revenues for the FY 2018 is expected to rise up to 570.87 billion naira.