International Breweries Offers Rights Issue at N3.65 vs N3.99 Market Price
With a plan to raise N588 billion, International Breweries Plc has opened its right issues for subscription at N3.65 per share, according to the company’s regulatory filling on the Nigerian Exchange.
The brewer said that the company has obtained approval from the Securities Exchange Commission to offer to the shareholders the proposed Rights Issue of 161,172,395,100 Ordinary Shares of 2 Kobo each at N3.65 per Share.
The right issues will be sold to existing shareholders on the basis of six (6) new ordinary shares for every one (1) existing ordinary share held, International Breweries said in a notice.
The notice released to the public and shareholders set May 2 as the qualification date for the Rights Issue. According to the company, the application list opened on May 21, 2024, and will close on June 10, 2024 as approved by the regulator.
“The Rights circular will be distributed to shareholders by the Company’s Registrars, while application forms will also be made available on the websites of the Company and the Registrars for ease of access”, the company said.
Data from the Nigerian bourse showed that market price of International Breweries Plc has steadied at N3.99 per share. #International Breweries Offers Rights Issue at N3.65 vs N3.99 Market Price
