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Morison Industries Plc to Raise Fresh Funds Via Rights Issue

By Dipo Olowookere

The management of Morison Industries Plc has expressed its decision to raise fresh capital through rights issue.

To achieve this, the firm has written an application to the Nigerian Stock Exchange (NSE) to seek approval to carry out the exercise.

Revealing this on Friday was the Acting Head of Listings Regulation Department at the NSE, Mr Godstime Iwenekhai.

The stock market regulator disclosed that the application for the rights issue was submitted by the company’s broker, GTI Securities Limited.

The issuing, the stockbroker said, is 836,983,125 ordinary shares of 50 Kobo each at 60 Kobo per share on the basis of 11 new ordinary shares for every two ordinary shares of 50 Kobo held.

According to the NSE, qualification date for the rights issue is Friday, August 25, 2017.

“Dealing members are hereby notified that Morison Industries Plc (Morison) has through its stockbroker; GTI Securities Limited, submitted an application to The Nigerian Stock Exchange for approval and listing of a rights issue of 836,983,125 ordinary shares of 50 Kobo each at 60 Kobo per share on the basis of eleven (11) new Ordinary Shares for every two (2) Ordinary Shares of 50 Kobo held,” the NSE said in the statement.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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