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Unilever Nigeria to seek approval next month for $200 million share sale
April 12, 2017 / 12:07 PM / 5 months ago

Unilever Nigeria to seek approval next month for $200 million share sale

FILE PHOTO: The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. REUTERS/Brendan McDermid/File Photo

LAGOS (Reuters) - Unilever Nigeria (UNILEVE.LG) said on Wednesday it will seek shareholder approval next month to raise 63 billion naira (160 million pounds) through a rights issue.

The household products maker also said it would seek approval to increase its authorised share capital to 5 billion naira by creating an additional 3.95 billion new ordinary shares of 0.50 naira each.

The local unit of Unilever (UNc.AS) (ULVR.L) plans to seek a vote at a shareholder meeting on May 11, it said in a notice, adding that it would also ask for approval to convert shareholder loans to stock as part of the share sale.

Reporting by Oludare Mayowa; editing by Chijioke Ohuocha and Jason Neely

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