Nigeria: International Breweries allows non-shareholders to participate in its rights issue

International Breweries Plc has allowed non-shareholders of the company to participate in its rights issue, the Punch Newspapers reported on June 7.

A statement from the brewer, which is a part of AB InBev, the largest brewer in the world, on June 6, disclosed that non-shareholders could acquire traded rights on the floor of the Nigerian Exchange through stockbrokers.

IB launched 161,172,395,100 rights issue last month, offering shareholders six new ordinary shares for every one existing share held, at an issue price of N3.65 each.

The rights issue, which opened on May 21, 2024, will close on June 10, 2024.

The company has revealed that the net proceeds from the rights issue would be used to settle its outstanding US dollar-denominated loan and provide working capital support.

“We are committed to creating sustainable value for our shareholders while fortifying our position in the Nigerian beverage industry. Together, we will continue to brew success, deliver long-term value for our shareholders, and create a future with more cheers,” said Finance Director of International Breweries, David Tomlinson.

According to the firm, the tradability of the rights on the floor of the Nigerian Exchange ensures liquidity and accessibility for shareholders throughout the offer.

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