The rights are being offered on the basis of one new share for every three held by members as at May 31, 2013
The net proceeds of the offer amounting to N543.42 million will enable the leading paints and allied company to finance the modernization its manufacturing operations.
Chairman, Berger Paints Nigeria Plc, Mr. Clement Olowokande, said the net proceeds of the rights issue estimated at N521.71 million would be used to finance the modernisation of the company’s factory operations.
He said the modernisation of the company’s factory operations would lead to improved efficiency that will positively impact on turnover and profitability.
Olowokande said that the company also plans to commit substantial investments on major improvements of its distribution channels.
He noted that Berger Paints has always been the standard-setter in the industry with enviable records of pioneering wide range of popular special products.
He said he was confident the company would record significant growth and improvements in its operations in the years ahead in order to create better value for shareholders.
He urged all shareholders to participate fully in the rights issue to ensure they continue to maintain their positions in the company.
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