Nigerian Breweries Plc, one of the leading beverage manufacturers in Nigeria, has announced the commencement of its highly anticipated Rights Issue. This strategic financial move will see the company offering 22,607,491,232 Ordinary Shares of N0.50 each at a price of N26.50 per share value ₦599,098,517,648bn. The Rights Issue has received approval from the Securities and Exchange Commission (SEC), signifying a key milestone in the company’s growth strategy.
Uaboi G. Agbebaku, FCIS, Company Secretary of Nigerian Breweries Plc, made the official announcement through The Nigerian Exchange (NGX) trading floor, emphasizing the company’s commitment to strengthening its capital base and enhancing shareholder value. “We are pleased to notify our esteemed shareholders and the Nigerian Exchange Limited (NGX) that the Securities and Exchange Commission has granted approval for our Rights Issue,” said Agbebaku. “This offering represents a significant opportunity for our shareholders to increase their stake in the company at an attractive price.”
The Rights Issue is being offered on the basis of 11 new Ordinary Shares for every 5 Ordinary Shares held as of 12th July 2024. Shareholders who were on the company’s register as of the qualifying date will receive a Rights Circular detailing the offer. The offer period commenced on Monday, 2nd September 2024, and will close on Friday, 11th October 2024, giving shareholders ample time to exercise their rights.
“This Rights Issue is a strategic initiative aimed at reinforcing our capital structure, enabling us to fund our ongoing expansion projects, optimize our operations, and ultimately, drive long-term growth,” added Agbebaku. “We believe this will create sustainable value for our shareholders and position Nigerian Breweries Plc for continued success in a highly competitive market.”
Shareholders are encouraged to take advantage of this opportunity by contacting their stockbrokers for more information about the offer. The management of Nigerian Breweries Plc is optimistic that the Rights Issue will be well received by the market, reflecting the strong confidence that investors have in the company’s future prospects.
Nigerian Breweries Plc has a long-standing history of delivering consistent returns to its shareholders. The funds raised from this Rights Issue will be instrumental in supporting the company’s strategic objectives, including investments in production capacity, distribution network expansion, and sustainability initiatives.
As one of Nigeria’s most trusted brands, Nigerian Breweries Plc continues to demonstrate its leadership in the beverage industry, ensuring that it remains well-positioned to capitalize on growth opportunities while delivering value to its shareholders.
