Flour Mills of Nigeria Plans ₦40b Share Sale

Flour Mills of Nigeria has registered plans with regulators to raise up to 40 billion naira ($128 million) in equity over the next three years, its chief financial officer said on Tuesday.

Jacque Vauthier said the company's directors had decided that the most appropriate way to raise the funds was via a shelf programme, enabling Flour Mills to sell shares in several tranches over a three-year period.

Flour Mills, which has interests in food manufacturing and agro-business, won shareholders' approval for the issue last year but weak capital markets delayed its launch.