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Unilever Nigeria announced today that it will seek shareholder approval next month to raise N63 billion through a rights issue. The company also said it would seek approval to convert shareholder loans to stock as part of the share sale, according to Reuters.

Last month, Unilever Nigeria reported 2016 results that surpassed analysts’ estimates notwithstanding the country’s economic challenges, which negatively impacted consumer spending and disposable incomes. The company said revenue rose 18 percent to N69.78 billion, while after-tax profit rose 157.6 percent to N3.07 billion.

However, Unilever Nigeria said its net cash flow generated from operating activities declined by 62 percent to N5.99 billion in 2016. This forced the company to make up the shortfall by utilizing short-term loans estimated at N15.49 billion.

The household products maker also said it would seek approval to increase its authorized share capital to N5 billion by creating an additional 3.95 billion new ordinary shares of 50 kobo each. The company’s Annual General Meeting will hold on May 11th.

Unilever Nigeria is the local subsidiary of Anglo-Dutch consumer goods giant, Unilever. The company makes products ranging from food, beverages, cleaning agents, and personal care products. Founded in 1923, the company is the longest-surviving manufacturing company in Nigeria.

Unilever Nigeria’s stock was flat at N35 per share at the Lagos bourse on Wednesday.