Nigerian Breweries has listed its newly allotted 20.707 billion on the Nigerian Exchange (NGX) Limited.
The company stated “the allotted shares, which come at 50 kobo each, arose from the company’s rights issue of 22.607 billion ordinary shares of 50 kobo each at N26.50 per share, which ended recently.
The company’s legal director/company secretary, Uaboi Agbebaku, stated that the allotted shares were formally listed on the daily official list of the NGX on December 30, 2024.
Agbebaku noted that with this listing, the company’s total outstanding shares listed on the NGX have now increased from 10. 276 billion ordinary shares to 30.983 billion ordinary shares of 50 kobo each.
Nigerian Breweries recently disclosed its intention to utilise the proceeds from its N599.1 billion rights issue to eliminate overdue foreign exchange commitments, thereby repositioning the company for optimum business performance that will enable it to deliver value for its stakeholders.
Recall that the Company’s rights issue commenced on September 2, 2024, and closed on October 11, 2024.
The managing director of Nigerian Breweries Plc, Hans Essaadi assured shareholders that the rights issue will return the company to the path of net profitability and the resumption of dividend payments as soon as possible.
He added that the company was in a position to take advantage of an improvement in the macro economic operating environment.
Essaadi said that the company’s expansion into the wine and spirits category through the acquisition of Distell Wines and Spirits Nigeria Limited was in furtherance of its commitment to grow sustainable value for its shareholders.
A member of the HEINEKEN Group, Nigerian Breweries Plc is Nigeria’s pioneer and largest brewing company. Incorporated in 1946.