Introducing Morison Industries Plc Rights Issue 2017

Kindly be informed that Morison Industries Plc has kicked off its Right Issue of 836,983,125 ordinary shares of 50 kobo each to existing shareholders at an offer price of N0.60 per share on the basis of eleven (11) new ordinary shares for every two (2) ordinary shares held as at the close of business on Friday, August 25, 2017.
The Rights Issue is expected to yield a total of N480.7 million (after deduction of estimated total offer cost) and will be channeled into repayment of existing loan facility used to upgrade the Company’s production line, boost working capital, and procure additional raw materials for production.
The Rights officially opened on Friday, November 24, 2017, and will close on Friday, January 5, 2018.