By Matthew Don
International Breweries Plc has notified the public of its intention to shore up its capital base through a right issue.
The beverage company has written the Nigerian Stock Exchange (NSE) in respect of the decision as reached by the Board of Directors of International Breweries Plc at its Board meeting held on 18 September 18, 2019, where it “considered and approved a proposal for a Rights Issue as a form of Capital Raising for the Company.”
A statement signed by Muyiwa Ayojimi, Company Secretary/General Counsel, and published on the platform of the NSE said: “This notification is given in line with Section 1.1 of the Rules Relating to Board Meetings- being obligation to notify the Nigerian Stock Exchange of key decision(s) taken by the Board within 24 hours after the relevant Board meeting.”
“The Board approval aforementioned is however subject to Shareholders and Regulatory approvals in the prescribed form,”Ayojimi explained.