Application list for the N543.42 million rights issue by Berger Paints Plc opened yesterday as the paints and chemical company seeks equity funding from existing shareholders to modernise its manufacturing operations.
Berger Paints is offering about 72.46 million ordinary shares of 50 kobo each to existing shareholders at N7.50. The rights issue was pre-allotted on the basis of one new ordinary share for every three ordinary shares held as at May 31, this year. Chairman, Berger Paints Nigeria Plc, Mr. Clement Olowokande, has said the net proceeds of the rights issue estimated at N521.71 million would be used to finance the modernisation of the company’s factory operations.
Source: The Nation