Flour Mills of Nigeria Plc, which processes grains and sells cement, plans to raise as much as 28 billion naira ($179.3 million) in a rights offer, according to Chief Executive Officer Emmanuel Ukpabi.
The company received shareholder approval for the plan at its annual general meeting held today in the commercial capital, Lagos, he said from the city. Flour Mills will use the money to diversify into new markets including power generation, Ukpabi said, without commenting further.
Shares in the company were unchanged at 76 naira as of the 2:30 p.m. close in Lagos today, having gained 10 percent so far this year. That compares with a 13 percent decline by the Nigerian Stock Exchange All-Share Index over the same period.