The Flour Mills of Nigeria has sought approval from the stock exchange to list ₦30.06 billion ($151 million) shares from a rights issue, the food manufacturer said on Wednesday.
The company issued 1.09 billion ordinary shares at ₦27.50 each on the basis of five new shares for every 12 held, it said in its application to the Nigerian Stock Exchange.
Shares in Flour Mills shed 4.98 percent to ₦28.03, weaker than the broader index, which is down 0.26 percent on Wednesday.
