• Friday, May 24, 2024
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BusinessDay

International Breweries gets shareholders approval for Rights Issue

IB raises beer prices over rising operation costs

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.

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”.