As part of the resolutions at its Annual General Meeting (AGM), the board of Nigerian Breweries Plc has received shareholders’ approval for a N600 billion rights issue.
In a statement seen by Nairametrics in Nigerian Breweries’ Sixth Resolution, the brewer noted,
“That subject to obtaining the approval of the relevant regulatory authorities, the Directors of the Company be and are hereby authorised to raise capital of up to ₦600 billion (six hundred billion naira) by way of Rights Issue, through the issuance of ordinary shares, on such other terms and conditions and at such time, as the Directors may deem fit or determine.”
Recall that after a board meeting on April 3, 2024, the Board of Directors of Nigerian Breweries had announced a decision to raise N600 billion through a rights issue programme. The move became necessary due to the company’s burgeoning debt and ailing balance sheet.
Part of the statement from the board meeting had read,
As part of full approval, the board received shareholders’ approval to increase the share capital of the company. And it was resolved that shares not subscribed to by current shareholders within the specified timeframe for the rights issue could be acquired by other interested investors.
Resolutions 7 and 8 read,
