Rights Issue: Unilever UK will inject N38b into Unilever Nigeria

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  • Reports suggest Unilever Plc, United Kingdom, the parent company of Unilever Nigeria, will inject about N38 billion into Nigeria.
  • The parent company will be doing this via a rights issue which was approved by the shareholders of the company at its annual general meeting in Lagos.
  • It was revealed in April that Unilever was planning a whopping N63 billion rights issue that would be used to pay down the company’s shareholder/related party loans. We reviewed this rights issue in detail here.
  • By injecting N38 billion into Nigeria, this suggest that related party loans may no longer be on the table which is rather surprising and contrary to expectations.
  • Unilever Nigeria share price closed lower at N36 on Friday

 

 

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