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Flour Mills seeks $180 million for expansion


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Nigeria

Flour Mills seeks $180 million for expansion

 

Nigeria's Flour Mills plans to raise 28.2 billion naira ($180.6 million) from existing shareholders in November to finance the expansion of its food and cement business, treasury director Vlassis Liakouris said on Wednesday.

Flour Mills held a shareholders' meeting on Wednesday to approve the capital raising, and Liakouris said the next step was to seek regulatory approval for the issue.

"The capital is primarily to finance our food business expansion. We are also expanding in cement and growing the agro-allied business," Liakouris told Reuters by telephone.

He told Reuters in December that Flour Mills intended to invest at least 20 billion naira annually year for the next two or three years to finance growth.

Flour Mills in December raised 37.5 billion naira in five-year bonds, the first tranche of a 70 billion naira programme, Nigeria's first corporate debt issue outside the banking sector in recent years.

 

 

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Updated 7 Years ago
 

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