Golden Guinea Brewery Plc said it close to the completion of the retooling work at its factory plant that will enable it to restart production
In a statement released to the Nigerian Stock Exchange (NSE), the once brewer of Eagle stout, Bergedorf lager and Golden Guinea lager said it is optimistic of returning to full operations on or before the second quarter of 2019.
The Umuahia-based Brewery plant which has not been active for over 16 years following a fire outbreak on its facilities in 2003 led to close of business.
The company which has been undergoing a major overhaul at its facilities said the delay in filing its Q1, Q2 and Q3 financial results for periods ended 30 June, 30 September and 31 December 2018 was because the company had not commenced production.
For the nine months ended 31 December 2018, the company had no revenue but accrued a loss of N107.7bn, which is administrative costs related to the ongoing retooling work.
It would be recalled that Nigerian Export-Import Bank (NEXIM) with the Bank of Industry also pitching in with an Economic Revival Facility provided a grant of N3.6 billion to get the plant back to work.
Golden Guinea was originally named Independence Brewery Limited. It started production in 1963 with an annual capacity of 1 million gallons.
OLUFIKAYO OWOEYE
