Guinness Nigeria to seek approval for 40 bln naira share sale

Guinness Nigeria plans to seek shareholder approval to raise 40 billion naira ($127.19 million) via a rights issue on Tuesday to boost its balance sheet, the company said.

The company, a unit of Diageo posted a loss of 2.21 billion naira in the first quarter compared with 517.6 million naira a year ago.

Guinness said it expected the share sale will give it financial and operational flexibility. The issue is subject to regulatory approval.