Shareholders approve International Breweries $379.9m loan, debt-to-equity conversion

The shareholders of International Breweries Plc have approved the convertible loan of $379.9million from AB InBEV Nigeria Holdings BV (Shareholder Loan).

The Shareholder Loan is in respect of the repayment of the loan obtained by the Company from Citibank Abu Dhabi.

The shareholders gave the approval at the brewer’s extraordinary general meeting in Lagos recently.

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At the meeting, the shareholders also approved that the directors should subject to complying with applicable regulatory requirements apply all sums due from the Company to AB InBEV Nigeria Holdings BV under the Shareholders Loan, towards payment for any shares subscribed for by AB InBev Nigeria Holdings BV in the company’s Right Issue.

The shareholders also authorised for a Director and the Company Secretary to sign and execute all documents necessary to appoint such parties and advisers, and all other documents, as may be necessary
to give effect to the above resolutions including without limitation to complying with the directives of any regulatory authority.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.