March 2, 2020

International Breweries records 100% Rights issue subscription, raises N165bn

Millennials and the future of the Nigerian Stock Exchange

By Peter Egwuatu

Nigerian Stock Exchange

INTERNATIONAL Breweries Plc has recorded 100 percent subscription in its recently concluded Rights Issue.

The company raised N165 billion on the sale of 18.3 billion units of ordinary shares of 50 kobo each at N9.00 per share offered to existing shareholders through a Rights Issue in December 2019.

The additional shares were offered on the basis of 17 new ordinary shares for every eight ordinary shares held as at November 6, 2019.

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Speaking when the Board and Management team of the company paid a courtesy visit on the Nigerian Stock Exchange, NSE, the new Finance Director, Mr. Bruno Zambrano, who led the team said: “The offer closed in December and was 100 percent 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.”

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.