Shareholders of International Breweries Plc have approved the company’s $379.9 million shareholder loan and debt-to-equity conversion.
The approval was given at the Extraordinary General Meeting of International Breweries Plc held in Lagos on Thursday.
In a notice to the Nigerian Exchange Limited and investing public on the outcome of the EGM, the company noted that shareholders accepted and approved the $379.9 million convertible loan from AB InBev Nigeria Holdings BV for the repayment of a loan from Citibank Abu Dhabi, subject to management’s terms.
The statement signed by Dr. (Mrs) Marian Reginald-Ukwuoma, Company Secretary/Legal Counsel, noted that the resolutions proposed were duly passed by the shareholders.
“That the convertible loan of US$379.9million from AB InBev Nigeria Holdings BV (‘Shareholder Loan”) in respect of the repayment of the loan obtained by the Company from Citibank Abu Dhabi is hereby accepted and approved in accordance with the terms and conditions presented by the Management of the Company.
Subject to complying with applicable regulatory requirements, the Directors are authorised to apply all sums due from the Company to AB InBev Nigeria Holdings BV under the Shareholders Loan, towards payment for any shares subscribed for by AB InBev Nigeria Holdings BV in the company’s Right Issue that has been approved by the Shareholders of the Company.
That a Director and the Company Secretary are authorized to sign and execute all documents necessary to appoint such parties and advisers, and all other documents, as may be necessary to give effect to the above resolutions including without limitation to comply with the directives of any regulatory authority,” the statement said.
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