Nigerian Breweries Plc, yesterday announced that the allotted 20,706,894,542 ordinary shares of 50 Kobo each, arising from its rights issue of 22,607,491,232 ordinary shares of 50 Kobo each at N26.50 per share, were formally listed on the Daily Official List of the Nigerian Exchange Limited (NGX).
The Company Secretary, NB, Uaboi Agbebaku in a statement said, “With this listing, the total outstanding shares of the Company listed on the NGX have now increased from 10,276,132,378 ordinary shares to 30,983,026,920 ordinary shares of 50 Kobo each.”
The multinational company had planned to raise N599.1 by way of a Rights Issue on the Exchange.
A total of 22,607,491,232 Ordinary Shares of 50 kobo each in the share capital of Nigerian Breweries was offered to shareholders whose names appear in the register of members as of the Qualification Date being 12 July 2024.
The offer was on the basis of 11 new ordinary shares for every 5 ordinary shares held as of the qualification date and at an Issue price of N26.50 per Ordinary Share.
The offer is part of Nigerian Breweries’ Business Recovery Plan to strengthen the Company’s capital base by deleveraging its balance sheet, eliminating certain FX-related exposures and reducing bank borrowings, thereby giving the Company greater financial flexibility to promote business growth and continuity.
Vetiva Advisory Services Limited and Stanbic IBTC Capital Limited acted as the Lead Issuing House and the Joint Issuing House to the Issue respectively, to assist the Company in managing the Issue process. The acceptance list for the Issue is expected to open on 02 September 2024 and close on 11 October 2024.
At the signing ceremony held in 2024, the Managing Director, Nigerian Breweries, Mr. Hans Essadi, explained that the Issue represents an opportunity for shareholders to support the company’s strategic vision and participate in the next phase of its growth.
Essaadi further disclosed that the proceeds of the Issue will be channeled towards payment of its foreign and local currency denominated obligations, thereby eliminating foreign exchange risk and revaluation losses and enhancing long term profitability and sustainable value creation for its shareholders.
In his remarks, the Managing Director, Vetiva Advisory Services Limited, Mr. Olutade Olaegbe, commended the management of Nigerian Breweries for their visionary leadership and their commitment towards executing the Issue. He also thanked the Company for trusting Vetiva Advisory services Limited and Stanbic IBTC Capital Limited to advise on this landmark transaction and expressed confidence that the Issue would encourage other global multinational companies to approach the equity capital markets to meet their strategic objectives.
Thisday
