×

Guinness Nigeria starts $126 mln share sale to cut funding costs

LAGOS, July 4 (Reuters) - Guinness Nigeria on Tuesday launched a share sale to raise 39.7 billion naira ($126 mln) from existing shareholders to help lower its financing costs after reporting its first annual loss in 30-years last year.

The beer maker, the local division of the world's leading spirit maker Diageo, said funds raised will support Guinness in executing its strategy in the face of an ongoing recession in Africa's biggest economy. ($1 = 314.5000 naira) (Reporting by Chijioke Ohuocha; editing by Alexander Smith)