Lagos, Oct 22 - Cadbury Nigeria has extended its 22.2 billion naira ($167.3 million) rights offer by a week to now close on Oct. 30, the company said on Thursday.
The Nigerian unit of British confectioner Cadbury launched the share issue last month to help reduce its debts.
It has had to extend the offer after scores of shareholders said they had yet to receive their rights circulars.
The offer was initially meant to run from Sept. 13 to Oct. 23.
"Many shareholders have complained of non-receipt of circulars, which they felt did not allow sufficient timing to take or trade their alloted rights," company spokesman Kufre Ekanem said in a statement.
"The company therefore made an application to extend the offer period for a further two weeks but the regulatory authority (SEC) has approved a one-week extension."
The debt-laden company had in September said it would use the proceeds of the rights issue to repay bank loans to reduce the accruing interest on the borrowings.
The balance of the offer would be used to improve the company's infrastructure and upgrade its facilities, the firm, whose products include Bournvita beverage drinks, Bubba bubble gum, Trebor mints and Tom Tom and Eclairs sweets said then.
The company is offering shareholders in its books as at June 26, 2009, seven new shares for every three held at 8.65 naira per share, indicating a 36 percent discount as its shares were frozen by the Nigerian Stock Exchange (NSE) at 13.54 naira when the offer was approved.
The company said in September in a forecast made to the NSE it expects to cut its net loss by 14 percent to 2.42 billion naira in 2009 from the previous year, while turnover is seen rising 4.3 percent to 25.35 percent from a year earlier.