Nigerian Breweries gets approval for N599.1bn rights issue extension

The Securities and Exchange Commission has approved the extension of Nigerian Breweries Plc’s 599.1bn rights issue.

The acceptance period, initially scheduled to close on October 11, has been extended to Friday, October 18, 2024, following the SEC’s approval.

In a statement signed by the Legal Director/Company Secretary of Nigerian Breweries, Uaboi Agbebaku, the company expressed its pleasure in notifying shareholders and the Nigerian Exchange Limited of the extension.

Agbebaku explained that the rights issue, which commenced on September 2 and was supposed to close on October 11, had been extended to accommodate disruptions caused by public holidays during the initial acceptance period.

He noted that the extension was designed to ensure that shareholders have sufficient time to subscribe to their rights.

He stated, “We are extending the acceptance period to provide ample opportunity for our shareholders to participate, considering the normal working days that were affected by the public holidays.”

Nigerian Breweries is offering 22.61 billion ordinary shares at 50 kobo each, priced at N26.50 per share, to its existing shareholders.

This rights issue allows shareholders to increase their stake in the company, offering 11 new shares for every five shares held as of the close of business on July 12, 2024.

Agbebaku, also added that during the extended period, insiders’ dealings in the company’s shares will be restricted to participation in the rights issue, following the approval earlier granted by the NGX concerning the company’s unaudited financial statements for the period ending September 30, 2024.

He advised shareholders to reach out to their stockbrokers for further details regarding the rights issue and take advantage of the extended acceptance period.