The Chairman of Flourmill Nigeria Plc,Mr. John G. Coumantaros has said that the company expects about $80million foreign investment via the on-going N39.9billion Rights Issue.
He assured the stakeholders of the company and others that receipts from the rights issue would be used to add value to their investments in the company on the immediate as well as pay off debts.
According to him the company can not become stable if it continues to use 20 percent of its revenues to pay debts and so the need to raise the funds via the rights issue,adding that FMN Plc also needs to have enough working capital to oil its production activities.
The Chairman was optimistic that the offer would be a sucess and that the time is right for the offer,saying that the company is being crowded by demands for the rights by its shareholders .
FMN Plc is the largest integrate business listed on the Nigerian Stock Exchange,employs over 10,000people and is recognised as one of the top 50 brands in Nigeria.