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Headline : Shareholders back Nigerian Breweries’ bid to raise N600bn

Read more from the original article on here at www.ripplesnigeria.com.






Tags : #shareholders #back #nigerian #breweries #bid #raise #n600bn


No. of Paragraph 38

The shareholders’ associations in Nigeria have declared their support for plans by Nigerian Breweries Plc to raise N600 billion through Rights Issues.

This followed the foreign exchange exposures that made the company lose N106 billion in the 2023 financial year.

The Nigerian Breweries had announced at its pre-annual General Meeting (AGM) briefing held on April 10 that the funds, when raised, would be used for payments of all overdue foreign exchange debts, eliminate forex exposure, and strengthen its balance sheet and liquidity position.

In separate statements, Boniface Okezie, National Coordinator, the Progressive Shareholders Association of Nigeria (PSAN), Bisi Bakare, National Coordinator, Pragmatic Shareholders Association (PSAN), and Moses Igbrude, National Coordinator, the Independent Shareholders Association of Nigeria (ISAN), declared their support for the Rights Issue, saying it would help steer the company back to profitability.

Read more from the original article on here at www.ripplesnigeria.com.


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