The Board of Directors of International Breweries Plc (NGX: INTBREW) will in an emergency meeting consider the approval of Rights Issue and Rights Issue Price as well as Increase in Share Capital.
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In a notification on Tuesday signed by Marian Reginald-Ukwuoma, Ag. Company Secretary/General Counsel, the company stated that the Emergency meeting of its Board of Directors will be on Friday, January 12, 2024 by 10.00.
A rights issue is an invitation to existing shareholders to purchase additional new shares in the company. This type of issue gives existing shareholders securities called rights. With the rights, the shareholder can purchase new shares at a discount to the market price on a stated future date.
INTBREW has 26.86 billion outstanding shares and a market capitalization of ₦142.10 billion as the time of this report.
The Company will hold its usual Board Meeting any other time within this first quarter of 2024, to consider its 2023 Audited Financial Statements (2023 AFS).
In Compliance with Rule 17.18 (a) of the NGX, Closed Period Rules as amended, a closed period restricting Directors and other insiders of the Company from transacting in the shares of the Company commenced from 1 January 2024 until 24 hours after the 2023 AFS has been released to the public.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
