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Home Companies Company News

Berger Paints Open N543million Rights Issue

Nairametrics by Nairametrics
August 21, 2013
in Company News
Berger Paints Open N543million Rights Issue
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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

Tags: News ReviewRights Issues
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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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