Business Berger Paints floats N543.42m rights issue

[LequteMan]

Directors of Berger Paints Nigeria Plc and professional parties to the company have completed the necessary requirements for a rights issue of N543.42 million.

The company is offering about 72.46 million ordinary shares of 50 kobo each to existing shareholders at N7.50.

The application list for the rights issue opens on August 20, 2013.
The chairman of the company, Mr. Clement Olowokande, said the net proceeds of the rights isue would be used to facilitate the modernisation of the company's factory operations to boost productivity, and service quality.

source: http://www.ngrguardiannews.com/capital-markets/129016-berger-paints-floats-n54342m-rights-issue