International Breweries gets shareholders approval for Rights Issue

Shareholders of International Breweries Plc have authorised the company to raise additional equity capital by way of a rights issue to the existing shareholders.

The shareholders of International Breweries Plc gave the approval at the Extraordinary General Meeting of the Company held in Lagos.

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At the meeting, the shareholder also resolved among others that the share capital of the Company be increased to such amount as shall be determined by the Directors, as being required to undertake the Rights Issue.

They also authorised that the Memorandum of Association of the Company be amended by deleting the provisions of Clause 6 and substituting it with the following: “The Share Capital of the Company is N537,241,317 divided into 26,862,065,850 ordinary shares of N0.02 (Two Kobo) each.
“And such other amendments be made to the Memorandum of Association of the Company as may be required in consequence of the increase in the share capital for purposes of executing the Rights Issue”.

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.