Flour Mills of Nigeria plans 40 bln naira share sale

Flour Mills of Nigeria plans to raises up to 40 billion naira ($128 million) in equity and has registered the capital raise as a shelf programme with regulators, its chief finance officer said on Tuesday.

Jacque Vauthier said the directors determined that the most appropriate way to raise the funds was via a shelf programme to enable Flour Mills sell shares in several tranches over a three-year period. $1 = 312.5000 naira)