Promoted

June 10, 2024

IBPLC to Chart Path to Profitability as Rights Issue Offer Closes

IBPLC to Chart Path to Profitability

The Rights Issue of International Breweries Plc (IBPLC), a leading brewer and part of AB InBev, the largest brewer in the world, has closed.

The rights issue of 161,172,395,100 shares which opened on May 21, 2024, and closes on June 10, 2024, allowed shareholders to enhance their ownership stake in IBPLC by subscribing to six new Ordinary Shares for every one existing share held, at an issue price of ₦3.65 per share.

In addition, non-shareholders who desired to participate in the offer also purchased traded rights on the Floor of the Nigerian Exchange through their preferred stockbroker, providing an opportunity for new investors to join the company’s growth journey.

IBPLC to Chart Path to Profitability

The net proceeds from the rights issue will primarily be used to settle the outstanding US dollar-denominated loan and provide working capital support, demonstrating IBPLC’s commitment to strategic debt reduction and creating immediate value for shareholders.

IBPLC to Chart Path to Profitability

“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 David Tomlinson, Finance Director of International Breweries Plc.

The tradability of the rights on the floor of the Nigerian Exchange Group (NGX) ensures liquidity and accessibility for shareholders throughout the duration of the offer. Shareholders can download the form from official channels, including www.registrars.apel.com.ng, www.international-breweries.com, and www.chapelhilldenham.com

IBPLC to Chart Path to Profitability

Speaking during a “Facts Behind the Figures” session to discuss the International Breweries rights issue, the Acting Chief Executive Officer (CEO) of the Nigeria Exchange Group (NGX), Jude Chiemeka, said “At the NGX, we remain committed to helping issuers derive great value from their interactions with the market. By positioning ourselves as the African exchange of choice, we will continue to adopt rules aimed at improving the corporate governance of our listed firms and offer products and services that are tailored to the needs of investors in a fair and orderly market.”

This offering follows the approval received during an Extra-Ordinary General Meeting (EGM) on February 12, 2024, where shareholders expressed anticipation for the commencement of the rights issue to support IBPLC’s growth aspirations.