Morison Industries closes application for N502. 2m rights issue

Morison Industries Plc will today close the application list for its ongoing rights issue. Morison Industries is raising about N502.2 million in new equity funds through new share sale to existing shareholders.

Morison Industries is offering a rights issue of 836.98 million ordinary shares of 50 Kobo each at 60 Kobo per share on the basis of 11 new ordinary shares for every two ordinary shares of 50 Kobo held as at August 25, 2017.

The board of directors of the healthcare company had appointed GTI Securities Limited as the stockbroker to handle the supplementary share issuance while GTI Capital Limited will be the issuing house. Both GTI Securities and GTI Capital are members of the GTI Capital Group-a leading financial services group that owns the largest private trading floor in Sub Saharan Africa (SSA).

Morison Investment Limited, United Kingdom, holds 40 per cent equity stake in Morison Industries while Nigerian investors hold the remaining 60 per cent. Morison Industries was incorporated in Nigeria in June 1955.

Morison Industries is engaged in the production and marketing of pharmaceuticals, hygiene products and the importation and distribution of medical, surgical and hospital equipment, instruments and consumables.

The company also provides its production facilities to third party for contract manufacturing arrangements.