Guinness Nigeria N40bn Rights Issue oversubscribed

Guinness Nigeria Plc, said on Wednesday that its share sale to existing shareholders to raise N39.7bn ($126m) was oversubscribed by 16%.

The Nigerian subsidiary of drinks maker Diageo Plc said it sold five shares from the company for every 11 held by shareholders, at N58 naira per share.

The company noted that two shareholders applied for 50 million shares and above during the share sale.

Diageo which holds 54% majority stake in Guinness Nigeria had said it was willing to participate in the rights issue to maintain its shareholding.

Guinness Nigeria has been seeking to raise funds to bolster its balance sheet after suffering quarterly losses over the last 12 months.

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