International Breweries considers rights issue

THE board of directors of International Breweries Plc is set to consider a Rights Issue as well as an increase in its share capital.

According to a corporate update filed with the Nigerian Exchange Limited, the directors of the brewery met for an emergency board meeting to consider the proposals.

After the emergency meeting, the board will hold its usual meeting at any other time within the first quarter of 2024, to consider its 2023 audited financial statements.

The issued share capital of the brewer stood at 26,862,065,850. As of the end of Q3 2023, 78.44 percent of it was held by AB Inbev Nigeria Holdings BV and Brauhaase International Management GMBH held 8.85 percent.

At the end of Q3 2023, International Breweries Plc reported a pre-tax loss of N2.07 billion, which is an improvement over the N4.67 billion pre-tax loss recorded in the corresponding quarter of 2022.

However, for the nine-month ended September, the loss after tax worsened to N28.553 billion from N2.809 billion in 2022.

The company recorded a revenue of N67.65 billion in Q3 2023, marking a 38 percent year-on-year growth from the same period in 2022.

For the nine months ending September 30, revenue stood at N183.779 billion from N160.431 billion in September 2022.