Shareholders associations in Nigeria have given their nod to plans by Nigerian Breweries Plc to raise N600 billion through Rights Issues on the back of foreign exchange exposures that precipitated a loss of N106 billion for the 2023 financial year.
The company had announced at its pre-AGM briefing held on April 10, 2024, that the funds, when raised, would be used for payments of all overdue foreign exchange debts, eliminate forex exposure, and strengthen the company’s balance sheet and liquidity position.
Although she noted that the Offer by Nigerian Breweries might coincide with the time many Nigerian Banks would be in the market to also shore up their capital in line with a recent directive of the Central Bank of Nigeria , she expressed the optimism that the market will take up the offer when it opens given the track record of the company for impressive returns.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Economic downturn: Nigerian Breweries shuts two breweries in Nigeria“The tough business landscape characterised by double-digit inflation rates, naira devaluation, FX challenges and diminished consumer spend has taken its toll on many businesses, including ours.
Read more »
Nigerian Breweries to raise N600b new equity from shareholdersThe Nation Newspaper Nigerian Breweries to raise N600b new equity from shareholders
Read more »
Nigerian Breweries shareholders approve N600bn capital raiseShareholders of Nigerian Breweries Plc have approved a N600 billion capital raise through a rights issue to reduce its debt burden.
Read more »
Nigerian Breweries shareholders approve N600 bn capital raising planShareholders of Nigeria’s foremost brewing company, Nigerian Breweries Plc, have unanimously approved capital raising of N600 billion by way of rights issue at the 78th Annual General Meeting of the company held at the Muson Centre, Shell Hall, Onikan, Lagos .
Read more »
Nigerian Breweries shareholders approve N600bn capital raising planWith this development,the Board now has the authorisation to undertake capital restructuring by way of a rights issue that will enable all the company’s shareholders the opportunity to acquire more shares in proportion to their holdings, at a price determined by the Board taking into consideration the market...
Read more »
Nigerian Breweries to raise N600 billion through rights issueProceeds from the rights issue would help to reduce the huge debt burden of Nigerian Breweries, thereby leading to a healthier balance sheet.
Read more »