Shareholders of Unilever Nigeria Plc can now trade their renounced shares for profit at the Nigerian Stock Exchange as the conglomerate launched its rights issue at the Exchange.
Unilever Nigeria is offering 1.962 billion ordinary shares of 50 kobo each to existing shareholders at a price of N30 per share with a view to raising N58.9 billion. Unilever Nigeria is trading at N40 per share at the NSE, giving shareholders opportunity to sell their shares for profit.
The rights issue was pre-allotted to shareholders in the register of the company as at the close of business on June 28, 2017 on the basis of 14 new ordinary shares for every 27 ordinary shares held. Unilever Plc, United Kingdom, which holds 60.6 majority equity stake in Unilever Nigeria is expected to pick up its rights fully and provide N35.4 billion in new equity funds to the company.
Unilever Nigeria is the earliest publicly quoted conglomerate. With some 100,000 shareholders, it has one of the largest diversified shareholders base. Incorporated in 1923, it was listed on the stock exchange in 1973 BBC