Guinness Nigeria’s N40b rights issue records full subscription

Guinness Nigeria Plc has secured additional N39.7 billion new equity funds as shareholders picked up the entire rights it issued on the Nigerian Stock Exchange.

Guinness Nigeria had offered 684.49 million ordinary shares of 50 kobo each at N58 per share to existing shareholders on the basis of five new shares for every 11 shares held as at the close of business on March 15, 2017.

Application list for the rights issue opened on July 24, 2017 and closed on August 30, 2017.

Managing Director, Guinness Nigeria Plc, Peter Ndegwa, said the net proceeds of the new capital raising will support the company in executing its strategy in the context of ongoing external economic challenges.

According to him, the rights issue will allow the company to deliver on its strategic objectives and give all its shareholders a unique opportunity to increase the number of shares they hold

Listing documents at the weekend showed that 684.49 million ordinary shares of 50 kobo each were added to shares outstanding in the names of Guinness Nigeria.

With the listing, total issued and fully paid up shares of Guinness Nigeria has now increased from 1.5 billion shares to 2.19 billion shares.

Diageo Plc (United Kingdom), the majority core investor in Guinness Nigeria, was expected to inject additional N21 billion in Guinness Nigeria by subscribing for its rights.

Diageo had withdrawn from its plan to acquire additional shares of up to 15.7 per cent in Guinness Nigeria from minority shareholders, citing the challenging market conditions in Nigeria

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