Nigerian Breweries Plc, the foremost brewing company, has disclosed its intention to utilise the proceeds from its N599.1 billion Rights Issue to eliminate ovedue foreign exchange commitments, thereby repositioning the company for optimum business performance that will enable it to deliver value for its stakeholders.
The company is offering 22.61 billion ordinary shares at 50k each, priced at N26.50 per share to its shareholders. The Rights Issue commenced on 2 September, 2024, and will close on Friday, 11 October, 2024. The offer is open to all existing shareholders giving them the opportunity to increase their shares in the company at the ratio of 11 new shares for every five held at the close of business on 12 July, 2024.
Speaking during the “Facts Behind the N599.1 Billion Rights Issue” presentation at the Nigerian Exchange Limited, NGX, on Tuesday, 17 September, 2024, the Managing Director of Nigerian Breweries Plc, Hans Essaadi, explained that the losses…