Nigerian Breweries to raise N48bn from commercial paper

The management of Nigerian Breweries Plc has disclosed that it intends to raise up to N48 billion from the sale of commercial papers.

According to a disclosure to the Nigerian Stock Exchange (NSE) the company said the sale of the papers would commence from next Monday, saying the exercise would allow those not interested in buying stocks have the opportunity to invest in the business with the hope of making profit.

Nigerian Breweries noted that the debt instrument would come in series seven and eight, stating that while series seven would be for a tenor of 182 days, series eight would be for 270 days, while noting that the proceeds from the exercise would be used to support the company’s cost management initiatives and run its operations.

“Nigerian Breweries Plc is pleased to inform the Nigerian Stock Exchange and the investing public of the continuation of its Commercial Paper (CP) programme with the launch of series seven and eight of the programme which opens on April 6, 2020.

“While series seven would be for a tenor of 182 days, series eight would be for 270 days.

“The CP programme aimed to rise up to a maximum of N48 billion to support the company’s short-term funding needs. The CP programme continues to provide the opportunity for non-equity investors to invest in the company, support the company’s cost management initiatives and serve as an additional source of funding for the company,” the statement said.

 

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