Michael Onochie Ajukwu, a Director at International Breweries Plc has increased his shareholding in the company via the acquisition of new shares, regardless of the company’s rising losses.
This was disclosed in a filing with the Nigerian Exchange on Wednesday. Ajukwu acquired a total of 8,346,021 shares at N5.00 per share, according to the filing.
The transaction which amounts to over N41.73 million took place in Lagos on August 4, 2021 and August 5, 2021.
Ajukwu’s shareholding at the company stood at 62,000,000 as at 30 June 2021, according to the second quarter report released by the company.
If the position remains unchanged, Ajukwu’s shareholding in International Breweries Plc will increase to 70,346,021.
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In the first half of the year, International Breweries grew its revenue by 35.23% to N81.96 billion from N60.61 billion in H1 2020, but the loss for the period increased by 48% to minus N13.89 billion, notwithstanding over N3 billion tax credit received by the company.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.