FOLLOWING the recently concluded Rights Issue and the subsequent listing on the Nigerian Stock Exchange (NSE), members of the Board and Management team of International Breweries Plc., a part of ABInBev, paid a courtesy visit to the Lagos bourse on Friday, thus sounding the gong to close the week’s trade.
In December 2019, the company offered 18,266,206,614 units of ordinary shares of 50 kobo each to existing shareholders at N9.00 per share through a rights issue to raise N165 billion. The additional shares were offered on the basis of 17 new ordinary shares for every eight ordinary shares held as of November 6, 2019. The offer closed in December and was 100 per cent subscribed. The rights issue is the largest equity issuance ever in the Nigerian capital market. The additional shares were listed on the NSE on Friday, February 7, 2020.
Led by the new Finance Director, Mr Bruno Zambrano, the management team visited the Exchange to reiterate International Breweries strategy of building a sustainable business for the long-term future and discuss the company’s continued goal of creating shareholder value. The visit also provided the company with the opportunity to introduce the new Finance Director and other members of the Board to the leadership of the Exchange.
As part of the visit, there was an interactive session with the Council Members of the Exchange, led by Mr Oscar Onyema, the CEO of the Nigerian Stock Exchange, who commended the visitors, and informed them that the exchange was engaging government on the need for listed companies such as IB Plc to be allowed tax breaks as an incentive to promote growth and productivity.
Onyema enjoined the company to take the next bold step by visiting again soon for a ‘facts behind the figures’ session to further intimate capital market operators on the financial performance of the company.
Commenting on the rights issue, the new Finance Director, Mr Bruno Zambrano noted that the it has helped recapitalise the company, improve its operational and financial flexibility, as well as significantly reduce the company’s financing cost. He concluded by assuring shareholders of the company’s commitment to generate value for the long term, adding that it will continue to explore every option to bring smiles to consumers and shareholders alike.