• Tuesday, May 21, 2024
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Shareholders approve International Breweries $379.9m loan, debt-to-equity conversion

IB raises beer prices over rising operation costs

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.

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.