Nigerian conglomerate UAC plans 15.4 bln naira rights issue

A bureau de change operator counts U.S. currency notes in Abuja, March 12, 2015. REUTERS/Afolabi Sotunde/File Photo

LAGOS- Nigerian conglomerate UAC is seeking regulatory approval to raise 15.4 billion naira ($42.3 million) from existing shareholders and expects a stronger result for the second half of the year, the company said on Monday.

The company said it had shareholder approval for the share sale and was hoping to launch the offer around September or October, once it gets the green light from the Securities and Exchange Commission.

UAC, with interest in real estate, paints, foods and livestock feed, last week posted a 59 percent fall in pretax profit to 1.63 billion naira for the half-year to June.

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