Nigerian Breweries Plc announced on Thursday the continuation of its Commercial Paper Programme with the launch of N48bn Series 7 and 8 of the programme which is set to open on the 6th of April, 2020.
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In a statement, the company said that while Series 7 would be for a tenor of 182 days, Series 8 would be for 270 days, and the aim is to raise up to N48 billion to support the Company’s short terms funding needs.
In 2019, the Company successfully concluded Series 1 to 4 of its renewed N100 billion CP programme and in February, it launched Series 5 & 6 of the programme.
The brewing giant said in addition to providing an opportunity for non-equity investors to invest in the Company, the CP programme continues to support the Company’s cost management initiatives with the overall aim of reducing its cost of fund. The CP also serves as an additional source of funding for the Company.