Agrofood firm Unilever Nigeria announced on Wednesday that it aims to raise N63 billion ($200 million) via a rights issue. The firm, according to Reuters which reported the news, will seek the approval of its shareholders for the operation.

In a statement, the subsidiary of Dutch-British multinational Unilever said it will proceed to a vote for the fundraising at a meeting which will be held on May 11. Moreover, the company will also ask its shareholders to approve the conversion of their loans to stock, under the rights issue.

In addition to the share sale, Unilever Nigeria aims to increase its authorized share capital to N5 billion by creating an additional 3.95 billion new ordinary shares, at N0.50 per share.

Schadrac Akinocho