Following the recent conclusion of its Rights Issue and the subsequent listing on the Nigerian Stock Exchange (NSE), members of the Board and Management team of International Breweries Plc. (IB Plc) paid a courtesy visit to the Lagos bourse Friday, February 21, 2020. The Rights Issue is the largest equity issuance ever in the Nigerian capital market .
In December 2019, the Company offered 18,266,206,614 units of ordinary shares of 50 kobo each to existing shareholders at N9.00 per share through a Rights issue to raise N165 billion. The additional shares were offered on the basis of 17 new ordinary shares for every 8 ordinary shares held as at November 6, 2019. The offer closed in December and was 100% subscribed. The additional shares were listed on the NSE on Friday, February 7, 2020.
Led by the company's Finance Director, Mr. Bruno Zambrano, the management team visited the Exchange to reiterate International Breweries’ strategy of building a sustainable business for the long-term and its continued goal of creating shareholder value. The visit also provided the Company with the opportunity to introduce the new Finance Director and other members of the Board to the leadership of the Exchange.
As part of the visit, there was an interactive session with the Council Members of the Exchange, led by Mr. Oscar Onyeama, 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.
Onyeama 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.
The visit culminated in the ritual of ringing the closing bell, which was ably performed by Mrs. Toyin Odulate, an Independent Non-Executive member of International Breweries’ Board of Directors.
Commenting on the Rights Issue, tMr. Zambrano noted that the Rights Issue has helped recapitalize the company, improve its operational and financial flexibility, as well as significantly reduce the company’s financing cost. He concluded by assuring shareholders of the company’s commitment to generate value for the long term, adding that the company will continue to explore every option to bring smiles to consumers and shareholders alike.