Guinness Nigeria’s said its bid to raise N39.70bn by way of rights to existing shareholders was very successful, with investors seeking to purchase 16% more than was on offer.
The recapitalization exercise was part of efforts to strengthen Guinness Nigeria’s balance sheet after it posted its first annual loss in 30 years in the 12 months to June 2016.
The rights issue was in the ratio of five new shares for every 11 held by the company’s shareholders, at N58 per unit, with the core investor- Diageo taking up its entire 54% stake.
Two shareholders, the company noted, applied for 50 million shares and above during the rights issue.
Diageo had earlier assured of plans to to take up its rights in the share issue to maintain its shareholding.