Morison Industries Lists Additional 837m Ordinary Shares

By Modupe Gbadeyanka

An additional 836,983,125 ordinary shares of Morison Industries Plc have been listed on the daily official list of the Nigerian Stock Exchange (NSE).

This information was confirmed in a statement issued by the management of the stock exchange.

The additional equities were listed on the stock exchange on Monday, March 26, 2018 and they arose from the Morison Rights Issue of 836,983,125 ordinary shares of 50 kobo each at N0.60 per share on the basis of 11 new ordinary shares for every two ordinary shares held as at Friday, August 25, 2017.

Morison Industries had last year floated a new capital raising for about N502.2 million in new equity funds through new share sale to existing shareholders.

The new equity funds gave the 63-year-old healthcare firm the much-needed boost to reposition its operations in the country.

With the additional shares listed on the NSE, the total issued and fully paid up shares of Morison Industries has now increased from 152,178,750 to 989,161,875 ordinary shares of 50 kobo each.

“An additional volume of 836,983,125 ordinary shares of Morison Industries Plc were listed on The Daily Official List of The Exchange on Monday, March 26, 2018.

“The additional shares listed arose from Morison Rights Issue of 836,983,125 ordinary shares of 50 kobo each at N0.60 per share on the basis of 11 new ordinary shares for every two ordinary shares held as at Friday, August 25, 2017.

“With this listing of 836,983,125 ordinary shares of 50 kobo each, the total issued and fully paid up shares of Morison has now increased from 152,178,750 to 989,161,875 ordinary shares of 50 kobo each,” the statement said.

Business Post reports that during the rights issue, GTI Securities Limited acted as the stockbroker to the supplementary share issuance while GTI Capital Limited was the issuing house.

Both GTI Securities and GTI Capital are members of the GTI Group, a leading financial services group, which owns the largest private trading floor in sub Saharan Africa (SSA).