International Breweries opens N164b rights issue


Taofik Salako

International Breweries has opened application list for its N164 billion right issue, in a major recapitalisation that will see the Belgian core investor investing some additional N123 billion in the Nigerian subsidiary.

International Breweries is raising N164.39 billion through a rights issue of 18.266 billion ordinary shares of 50 kobo each at N9 per share. The rights issue is pre-allotted on the basis of 17 new ordinary shares of 50 kobo each for every eight ordinary shares of 50 kobo each held as at the close of business on November 6, 2019.

Application list will run till Tuesday December 24, 2019. The opening of application list followed final approval of the offer by the Securities and Exchange Commission (SEC). The Nigerian Stock Exchange (NSE) and shareholders of the company had earlier approved the rights issue.

The Nation had reported that Anheuser-Busch InBev (AB InBev), the majority core investor in International Breweries, may be investing more than N123…



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