Shareholders of Nigerian Breweries Plc have unanimously approved the issuance of 2.1 billion bonus shares valued at N84 billion, to qualifying shareholders.
This approval was made known in a press release signed by the Head of the Corporate Affairs Unit, Sade Morgan, following the conclusion of its Extraordinary General Meeting held at the Oriental Hotel, Lagos.
According to the company, the qualified shareholders entitled to receive a bonus of one share for every four shares were those who were on the register of members at the close of business on Tuesday, December 6, 2022.
The Chairman of Nigerian Breweries Plc, Dr Kola Jamodu, explained that the decision was taken based on the company’s robust share premium account and in response to the yearnings of shareholders over the years for bonus shares.
He added that with the issuance of the 2.1 billion shares, the company has now closed the gap between its issued and unissued shares as required by the Corporate Affairs Commission pursuant to the provision of sections 124 and 868 of CAMA 2020.
Reacting to the offering, the National Coordinator of Progressive Shareholders Association, Boniface Okezie, said “We are very delighted that NB Plc is showing appreciation to shareholders even when we least expected it.
“We must commend the management for managing cost effectively as well as the board for doing the right thing via the issuance of bonus shares.”
Another shareholder, Bamisile Abiola, said he was highly impressed by the company’s strides, especially in its contribution to climate change by making several investments in solar and alternative energies to reduce its power generation costs.
On his part, the President of Noble Shareholders Solidarity Association, Mathew Akinlade, praised the management of NB Plc for prioritising the welfare of the shareholders and posting an impressive financial performance amidst a challenging business environment.
In his words, “No doubt, the board of Nigerian Breweries Plc has once again shown how concerned it is to the welfare of its shareholders. Despite the challenging business environment, the company has continued to show positive trends both in terms of revenue and profits earned. We are glad that you are giving us a bonus of 1 for 4 shares.”