• Wednesday, June 19, 2024
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IBPLC opens rights issue of 161.2bn shares to raise funds

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International Breweries Plc (IBPLC), a proud member of AB InBev, has launched a rights issue offer of over N161.2 billion shares to its shareholders at the offer price of N3.65 per share.

The rights being offered are six new Ordinary Shares for every ordinary share held as of May 2, 2024.

Each Ordinary Share holds an equity value of 2kobo, enabling shareholders to consolidate their company ownership and optimise their future profitability.

International Breweries Plc is the producer of beverage brands such as Trophy Lager, Budweiser, Hero Lager, Trophy Extra Stout, Flying Fish, Castle Lite, Beta Malt, and Grand Malt, among others.

Shareholders will have ample time to participate in the offer as the acceptance list for the rights issue opened May 21, and will close on June 10, 2024.

Speaking on the right issue, David Tomlinson, finance director of International Breweries Plc, said the rights issue offering presents a convincing opportunity for IBPLC’s valued shareholders to further participate in the growth and success of the company.

“With a rights ratio of six new Ordinary Shares for everyone held and an offer price of N3.65 per share, we aim to provide our shareholders with access to additional equity at an attractive valuation.

“This offering underscores our commitment to creating value for our shareholders while fortifying our position in the Nigerian beverage industry. We encourage all shareholders to seize this opportunity to participate in the growth story of our dynamic business. Together, we will continue to brew success, deliver long-term value for our shareholders and create a future with more shares,” Tomlinson said.

Read also: SEC approves International Breweries N588bn Rights Issue

According to him, the rights being offered are tradable on the floor of the Nigerian Exchange Limited for the duration of the rights issue, ensuring liquidity and accessibility.

To participate in the offer, shareholders are requested to download the form from the International Breweries’ official channels website.

International Breweries had on February 12, received the approval of shareholders during an Extra-Ordinary General Meeting to commence the Rights Issue which it plans to use to deleverage the company.

At the February meeting, shareholders expressed anticipation for the commencement of the rights issue so they could save to buy more shares and that the full payment of IBPLC’s loan would support the company’s growth drive.

Despite the challenging economic landscape, International Breweries said it has persevered as a progressive concern and remains committed to diligently activating measures to transform its fortunes into a profitable enterprise to the admiration of its shareholders.