Nigerian Breweries Plc (NGX: NB) has notified its shareholders and the Nigerian Exchange Limited that the Company has obtained the approval of the Securities and Exchange Commission (SEC) to commence the Company’s Rights Issue of 22,607,491,232 Ordinary Shares of ₦0.50 each at ₦26.50 per share.
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The shares are being offered to existing shareholders on the basis of 11 new Ordinary Shares for every 5 Ordinary Shares held as at 12th July 2024, being the qualifying date.
In a regulatory filing on Tuesday, the Brewer stated that the Rights Circular will be sent to all shareholders recorded in the register of members as at that date.
The Offer opened on Monday, 2nd September 2024, and closes on Friday, 11th October 2024.
Investogist reported in April 2024 that Nigerian Breweries will be raising ₦600 billion capital by way of Rights Issue to address the company’s huge debt burden.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur