Nigerian Breweries Plc has commenced its N599 billion capital raising through a rights issue for existing shareholders.

The shares are being offered to existing shareholders on the basis of 11 new Ordinary Shares for every 5 ordinary shares held as at July 12, 2024, being the qualifying date.

Read also: NGX approves Nigerian Breweries N600bn rights issue as largest brewer struggles on FX debt

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The rights issue which opened for subscription on Monday,closes on Friday, October ‪11 2024‬.

“The Company has obtained the approval of the Securities and Exchange Commission to commence the Company’s Rights Issue of 22,607,491,232 Ordinary Shares of N0.50 each at N26.50 per share,” it said in a notice on Tuesday.

Eniola Olatunji is an experienced journalist at BusinessDay, where she has specialized in reporting on personal and business finance since March 2022. She focuses on creating engaging and precise news stories, with a keen emphasis on the fixed-income market, banking, personal finance, cost of living, and the Nigerian economy. Her work also encompasses extensive market research and economic trend analysis. Eniola is passionate about empowering individuals to make informed financial decisions and is dedicated to shedding light on the intricate workings of the economy. She holds a Bachelor of Science degree in Pure & Applied Chemistry from the University of Lagos. Eniola Olatunji was shortlisted for The Future Awards Africa Prize for Journalism..

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