A major brand in Nigeria’s petroleum products sector, MRS Oil Nigeria Plc is proposing bonus share distribution to its shareholders.
The company’s board recommended the distribution of bonus issue of one new ordinary share for every five ordinary shares held by shareholders as at the close of business on July 6, 2018.
This implies distribution of 50.8 million ordinary shares to shareholders.
After the listing, the bonus issue will increase MRS Oil Nigeria’s issued share capital from 253.99 million ordinary shares of 50 kobo each to 304.789 million ordinary shares of 50 kobo each.
Formerly known as Chevron/Texaco Oil Nigeria Plc, MRS Oil Nigeria is owned by more than 24,000 shareholders.
One of the major downstream oil companies, MRS Africa Holdings Limited (Bermuda) holds 60 per cent majority equity stake in MRS Oil Nigeria while Asset Management Corporation of Nigeria (AMCON) holds 10.47 per cent.